Summary
Rockwell Automation, Inc. (ROK) has announced a significant change in its financial leadership. Effective November 13, 2020, Patrick P. Goris will resign as Senior Vice President and Chief Financial Officer. To ensure a smooth transition, Steven W. Etzel has been appointed as the interim Senior Vice President and Chief Financial Officer. Mr. Etzel, with extensive experience within Rockwell's finance organization since 1990, including his recent role as Vice President, Finance, brings a deep understanding of the company's operations. His interim appointment is accompanied by new compensation arrangements, including an annual salary, restricted stock units, and an annual incentive bonus, designed to incentivize his leadership during this period. The company has also put in place a change of control agreement and a letter agreement concerning financial restatements for Mr. Etzel.
Key Highlights
- 1Patrick P. Goris resigns as Senior Vice President and Chief Financial Officer, effective November 13, 2020.
- 2Steven W. Etzel appointed as interim Senior Vice President and Chief Financial Officer, effective November 13, 2020.
- 3Mr. Etzel has a long tenure with Rockwell Automation, joining in 1990 and holding various finance leadership roles.
- 4New compensation for Mr. Etzel includes an annual salary of $600,000, restricted stock units valued at $600,000, and an annual incentive bonus of $480,000.
- 5A change of control agreement and a financial restatement reimbursement letter agreement have been approved for Mr. Etzel.
- 6The leadership changes were announced via a press release on October 19, 2020.