Summary
This Form 8-K filing from The Sherwin-Williams Company, dated July 16, 2014, announces a change to the Board of Directors. The Board has been expanded from nine to ten members, with the appointment of Matthew Thornton III. Mr. Thornton, who is the Senior Vice President of US Operations at FedEx Express, brings significant operational experience from a major logistics company. Mr. Thornton has been deemed independent and appointed to the Audit Committee. His compensation as a director will follow the company's standard program for non-employee directors and includes a restricted stock grant that vests over three years. This expansion and appointment are designed to strengthen the Board's oversight and leverage Mr. Thornton's expertise.
Key Highlights
- 1The Sherwin-Williams Company Board of Directors has increased its size from nine to ten members.
- 2Matthew Thornton III has been elected as the new director, effective immediately.
- 3Mr. Thornton brings extensive experience as Senior Vice President, US Operations at FedEx Express.
- 4He has been appointed to the Audit Committee of the Board.
- 5The Board has determined Mr. Thornton to be independent according to NYSE and company standards.
- 6There are no reportable related-party transactions involving Mr. Thornton.
- 7Mr. Thornton received a grant of 542 restricted shares of stock, vesting over three years.