What is the significance of Scott Cripps' appointment as Chief Accounting Officer?

The appointment of Scott Cripps as CAO signifies Vertiv's commitment to strengthening its financial leadership and internal controls. His extensive experience in accounting and finance, particularly his background with large public companies like Owens Corning and audit experience with KPMG, suggests a focus on robust financial reporting and governance.

What is Mr. Cripps' background and relevant experience?

Mr. Cripps has over 20 years of experience. He previously spent nine years at Owens Corning in various finance roles, including Assistant Controller and leading Investor Relations, with an international assignment in Europe. Prior to that, he worked for 11 years at KPMG LLP, gaining broad experience with companies across multiple sectors.

How will Mr. Cripps be compensated?

Mr. Cripps will receive a competitive compensation package, which includes a base salary, an annual cash bonus opportunity based on performance criteria, equity awards under the company's 2020 Stock Incentive Plan, and eligibility for annual long-term incentive awards. He will also receive standard employee benefits, relocation assistance if needed, executive severance under specific termination scenarios, and a change of control payment.

Are there any restrictive covenants associated with Mr. Cripps' employment?

Yes, Mr. Cripps has executed an agreement that includes a confidentiality provision and a one-year post-termination non-competition and non-solicitation covenant, which are standard for executive positions to protect the company's interests.

VRT 8-K: Leadership Changes

Summary

Vertiv Holdings Co (VRT) announced the appointment of Scott Cripps as its new Chief Accounting Officer (CAO) effective immediately on October 1, 2020. This appointment is a significant addition to the company's financial executive team, bringing in a seasoned professional with over 20 years of accounting and finance experience. Mr. Cripps' background includes extensive work with Owens Corning, where he held increasing responsibilities, including Investor Relations, and a tenure at KPMG LLP, where he served a diverse range of public and private companies. The company's investors should note that Mr. Cripps' responsibilities will include overseeing the global accounting organization and enhancing internal financial controls, reporting directly to the CFO. His compensation package is designed to be competitive, including a base salary, annual cash bonus, equity awards under the 2020 Stock Incentive Plan, and long-term incentive awards. He is also entitled to standard benefits, executive severance under certain termination conditions, and a change of control payment. The appointment, detailed in an 8-K filing, underscores the company's focus on strengthening its financial leadership and controls.

Key Highlights

1Vertiv Holdings Co appointed Scott Cripps as Chief Accounting Officer (CAO), effective October 1, 2020.
2Mr. Cripps brings over 20 years of accounting and finance experience, including significant roles at Owens Corning and KPMG LLP.
3The CAO will lead the global accounting organization and be responsible for advancing accounting and internal financial controls.
4Mr. Cripps reports directly to the Chief Financial Officer, David Fallon.
5His compensation includes base salary, annual cash bonus, equity awards, and long-term incentives.
6The appointment is subject to standard executive severance, change of control provisions, and includes confidentiality and non-compete agreements.

Vertiv Holdings Co 8-K Report, Executive Changes (Oct 1, 2020)

Summary

Key Highlights

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