Who is the new Chief Financial Officer of TransDigm?

The new Chief Financial Officer of TransDigm is Michael Lisman, who was appointed on July 26, 2018. He is 35 years old and previously served as the company's Vice President of Mergers and Acquisitions.

What is Michael Lisman's compensation package?

Michael Lisman's employment agreement includes an annual base salary of at least $460,000 and eligibility for an annual incentive plan with a target of 80% of his base salary. He will also participate in the company's senior officer benefit plans.

What happens to James Skulina?

James Skulina, who was the Interim CFO, will transition to the role of Senior Vice President of Finance for a transitional period. He will also serve as the company's chief accounting officer. His compensation and employment arrangements will remain unchanged.

What are the terms regarding termination and severance for Mr. Lisman?

If Mr. Lisman's employment is terminated without cause, or if he resigns for good reason, or due to death or disability, the company will pay him an amount equal to one times his salary plus one times the greater of his prior year's bonuses or target bonuses for the year of termination, payable over 12 months. He is also entitled to accrued salary, unreimbursed expenses, and unused sick/vacation days.

TDG 8-K: Leadership Changes & Regulation FD

Summary

TransDigm Group Incorporated (TDG) announced a significant leadership change in its finance department via an 8-K filing on July 30, 2018. The key development is the appointment of Michael Lisman, aged 35, as the new Chief Financial Officer, effective July 26, 2018. Mr. Lisman brings a wealth of experience from within TransDigm, having most recently served as Vice President - Mergers and Acquisitions. His prior roles include Business Unit Manager and Director of Mergers and Acquisitions within the company, along with experience in private equity and investment banking from Warburg Pincus, The Carlyle Group, and Morgan Stanley. In conjunction with Mr. Lisman's appointment, James Skulina, who had been serving as Interim CFO, will transition to the role of Senior Vice President of Finance for a transitional period and will also serve as the company's chief accounting officer. His compensation and employment terms remain unchanged. The filing also details Mr. Lisman's employment agreement, which includes an annual base salary of at least $460,000, eligibility for an annual incentive plan, and standard executive benefits. The agreement also outlines severance provisions and non-compete/non-solicitation clauses.

Key Highlights

1Michael Lisman appointed as the new Chief Financial Officer (CFO) of TransDigm Group, effective July 26, 2018.
2Mr. Lisman, 35, has a strong internal background, having previously held roles as VP of Mergers and Acquisitions and Business Unit Manager within TransDigm.
3James Skulina, previously Interim CFO, transitions to Senior Vice President of Finance and Chief Accounting Officer.
4Mr. Lisman's employment agreement includes an annual base salary of no less than $460,000.
5He is eligible for TransDigm's annual incentive plan with a target of 80% of his base salary.
6The employment agreement specifies severance benefits in case of termination without cause, death, or disability.
7Standard non-compete and non-solicitation clauses are included in Mr. Lisman's employment agreement.

TransDigm Group INC 8-K Report, Executive Changes (Jul 30, 2018)

Summary

Key Highlights

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