Summary
TransDigm Group Inc. (TDG) announced a significant leadership transition in its finance department via an 8-K filing on April 2, 2015. The company disclosed the planned retirement of Gregory Rufus, the current Executive Vice President and Chief Financial Officer, effective in the fourth quarter of calendar 2016. During this transition period, Mr. Rufus will assume the role of Senior Executive Vice President, focusing on assisting with the onboarding of his successor and contributing to strategic growth initiatives. Concurrently, TransDigm has appointed Terry Paradie as the new Executive Vice President and Chief Financial Officer, expected to begin around April 15, 2015. Mr. Paradie brings extensive financial leadership experience, most recently serving as CFO for Cliffs Natural Resources Inc., and prior experience at KPMG LLP. His compensation package includes a base salary of $480,000, participation in the annual bonus plan, stock options, and restricted stock, with significant stock ownership requirements designed to align his interests with those of shareholders.
Key Highlights
- 1Planned retirement of CFO Gregory Rufus in Q4 2016, with a transition period in a Senior Executive VP role.
- 2Appointment of Terry Paradie as new Executive Vice President and CFO, effective mid-April 2015.
- 3Mr. Paradie brings experience from Cliffs Natural Resources Inc. and KPMG LLP.
- 4Mr. Paradie's compensation includes a $480,000 base salary, bonus potential, stock options, and restricted stock.
- 5Significant stock ownership requirement for Mr. Paradie, including holding stock or vested options valued at least $2,000,000.
- 6The filing was made on April 2, 2015, with the earliest event date of April 2, 2015.
- 7The announcement was made via a press release furnished as an exhibit.