Summary
This 8-K filing from The Sherwin-Williams Company announces a change in its Board of Directors. Effective July 15, 2009, the Board's size was increased from nine to ten members, with the election of John M. Stropki to fill the new vacancy. Mr. Stropki, who is the Chairman, President, and CEO of Lincoln Electric Holdings, Inc., has also been appointed to the Compensation and Management Development Committee. Investors should note that Mr. Stropki has been deemed independent by the company and the NYSE, with no undisclosed arrangements or related party transactions. His compensation as a director includes a grant of restricted stock that vests over three years, along with standard director compensation and an indemnity agreement consistent with other board members. This appointment may signal a focus on executive compensation oversight and corporate governance.
Key Highlights
- 1The Sherwin-Williams Company Board of Directors has been expanded from nine to ten members.
- 2John M. Stropki has been elected as a new director to fill the vacancy.
- 3Mr. Stropki is the Chairman, President, and CEO of Lincoln Electric Holdings, Inc.
- 4Mr. Stropki has been appointed to the Compensation and Management Development Committee.
- 5The Board has determined Mr. Stropki to be independent under NYSE and company standards.
- 6Mr. Stropki received a grant of 1,483 restricted shares of company stock, vesting over three years.
- 7Mr. Stropki will receive standard director compensation and has entered into a director indemnity agreement.