Summary
This 8-K filing from Rockwell Automation, Inc. announces a significant leadership change in its finance department. Patrick Goris has been appointed as the new Senior Vice President and Chief Financial Officer (CFO), effective February 7, 2017, succeeding Theodore Crandall. Mr. Crandall will transition back to his previous role as Senior Vice President, Control Products and Solutions. The filing also details Mr. Goris's new compensation package, including an annual salary of $475,000, a target annual incentive of 70%, and significant equity awards in the form of stock options and restricted shares. Additionally, agreements are outlined regarding Mr. Goris's reimbursement of certain compensation in the event of financial restatements due to material noncompliance with securities laws, and a change of control agreement detailing severance benefits in the event of a change in company control.
Key Highlights
- 1Patrick Goris appointed Senior Vice President and Chief Financial Officer (CFO), effective February 7, 2017.
- 2Theodore Crandall transitions from CFO to Senior Vice President, Control Products and Solutions.
- 3Mr. Goris's compensation package includes a $475,000 annual salary and a 70% target annual incentive.
- 4Significant equity awards for Mr. Goris include stock options valued at $807,500 and restricted shares valued at $142,500 (values determined on Feb 7, 2017).
- 5A reimbursement agreement is in place for Mr. Goris regarding incentive and equity compensation if financial restatements occur due to material noncompliance.
- 6A change of control agreement provides Mr. Goris with specific severance benefits and benefits continuation for two years post-change of control under certain termination conditions.