8-KLeadership Changes

Trane Technologies plc 8-K Report, Executive Changes (Jun 5, 2015)

Filed June 5, 2015For Securities:TT

Summary

This 8-K filing from Trane Technologies plc (then Ingersoll-Rand plc) announced a key executive appointment. On June 5, 2015, the company appointed Christopher J. Kuehn as Vice President and Chief Accounting Officer, also serving as Principal Accounting Officer. Mr. Kuehn brings significant experience from previous roles at Whirlpool Corporation and SPX Corporation, strengthening the company's financial leadership. The filing details Mr. Kuehn's compensation package, which includes a base salary of $425,000, an annual incentive target of 65%, and an annual equity award opportunity of $425,000. Additionally, to compensate for forfeited compensation from his prior employer, he received a cash award, performance stock units, restricted stock units, and stock options. The company also outlines severance provisions under a Change in Control Agreement and a Major Restructuring Severance Plan, providing financial security for the executive in specific circumstances.

Key Highlights

  • 1Appointment of Christopher J. Kuehn as Vice President and Chief Accounting Officer (Corporate Controller) and Principal Accounting Officer.
  • 2Mr. Kuehn brings prior experience from Whirlpool Corporation and SPX Corporation.
  • 3Annual base salary for Mr. Kuehn set at $425,000.
  • 4Annual Incentive Matrix Program (AIM) target of 65% and annual equity award opportunity of $425,000 for Mr. Kuehn.
  • 5Special grants to offset forfeited compensation from previous employer, including cash, performance stock units, restricted stock units, and stock options.
  • 6Mr. Kuehn will enter into a Change in Control Agreement, providing for severance multiples of base salary and AIM target.
  • 7Eligibility for the company's Major Restructuring Severance Plan is also noted.

Frequently Asked Questions

Christopher J. Kuehn has been appointed as the new Vice President and Chief Accounting Officer, and will also serve as the Principal Accounting Officer of the company.

Mr. Kuehn will receive an annual base salary of $425,000, an Annual Incentive Matrix Program (AIM) target of 65%, and an annual equity award opportunity targeted at $425,000. He also received special awards to offset forfeited compensation from his prior role.

Mr. Kuehn will have a Change in Control Agreement providing for a severance payment of two times his base salary plus his AIM target in the event of a change in control. He is also eligible for the Major Restructuring Severance Plan, which offers severance based on base salary and AIM target in cases of involuntary job loss following a restructuring.

Mr. Kuehn previously served as Vice President, Corporate Controller & Chief Accounting Officer for Whirlpool Corporation and as Chief Financial Officer for the Thermal Equipment & Services Segment at SPX Corporation.