8-KLeadership ChangesExhibits & Filings

Trane Technologies plc 8-K Report, Executive Changes (Dec 10, 2019)

Filed December 10, 2019For Securities:TT

Summary

This 8-K filing by Trane Technologies plc (formerly Ingersoll-Rand plc) announces significant leadership changes within its finance department, directly tied to the company's pending Reverse Morris Trust (RMT) transaction with Gardner Denver, Inc. Specifically, it details the planned retirement of its Senior Vice President and Chief Financial Officer, Susan K. Carter, in 2020. This transition is a key milestone expected to occur concurrently with the closing of the RMT transaction, signaling a strategic shift for the company. Investors should note the appointment of Christopher J. Kuehn as the new Senior Vice President and Chief Financial Officer, effective upon Ms. Carter's retirement and the RMT transaction's completion. Mr. Kuehn, with a solid background in finance and accounting, previously held the role of Vice President and Chief Accounting Officer. The filing also outlines his new compensation package, including a base salary, incentive targets, and equity awards, along with a change-in-control agreement, providing transparency on executive compensation during this pivotal period of corporate restructuring.

Key Highlights

  • 1Susan K. Carter, Senior Vice President and Chief Financial Officer, announced her planned retirement in 2020, coinciding with the closing of the Reverse Morris Trust (RMT) transaction.
  • 2Christopher J. Kuehn has been appointed as the new Senior Vice President and Chief Financial Officer, effective upon Ms. Carter's retirement and the RMT transaction's close.
  • 3Mr. Kuehn's appointment is a strategic move aligning with the upcoming RMT transaction with Gardner Denver Holdings, Inc.
  • 4Mr. Kuehn will continue to serve as Principal Accounting Officer until his successor is named.
  • 5Mr. Kuehn's compensation package includes a base salary of $680,000, an Annual Incentive Matrix Program (AIM) target of 100%, and an annual equity award target opportunity of $1,800,000.
  • 6Mr. Kuehn is set to enter into a Change in Control Agreement, providing for a severance payment equal to two and one-half times his base salary plus his AIM target in the event of a change in control.

Frequently Asked Questions

The retirement of the current CFO, Susan K. Carter, and the appointment of Christopher J. Kuehn are directly linked to the pending Reverse Morris Trust (RMT) transaction with Gardner Denver Holdings, Inc. This leadership change is a key component of the company's strategic restructuring expected to occur as the RMT transaction closes.

Mr. Kuehn will receive a base salary of $680,000, an Annual Incentive Matrix Program (AIM) target of 100%, and an annual equity award target opportunity of $1,800,000. He is also eligible for other executive benefit programs.

Mr. Kuehn will enter into a Change in Control Agreement. In the event of a change in control, he will receive a severance payment equivalent to two and one-half times his base salary plus his AIM target, providing financial security during such a scenario.

Mr. Kuehn's appointment as Senior Vice President and Chief Financial Officer will be effective upon the retirement of Ms. Carter and concurrently with the closing of the Reverse Morris Trust (RMT) transaction.