Summary
Vertiv Holdings Co (VRT) announced a significant leadership transition via an 8-K filing on October 3, 2022. Effective December 31, 2022, current CEO Rob Johnson will retire due to health reasons. He will remain a consultant for five years and retain some equity vesting rights under specific conditions, with no significant net impact expected on adjusted operating profit. Giordano Albertazzi, currently President of the Americas, will succeed Mr. Johnson as CEO on January 1, 2023, and has been appointed Chief Operating Officer immediately. This transition also includes an increase in Mr. Albertazzi's compensation and equity awards.
Key Highlights
- 1CEO Rob Johnson to retire effective December 31, 2022, citing health reasons.
- 2Giordano Albertazzi appointed Chief Operating Officer and President, Americas, effective immediately, and will become CEO on January 1, 2023.
- 3Mr. Johnson will serve as a consultant for five years post-retirement.
- 4Certain stock options held by Mr. Johnson will continue to vest if restrictive covenants are met.
- 5Mr. Albertazzi's annual base salary increases to $900,000 and target bonus to 125% of base salary.
- 6Mr. Albertazzi will receive a one-time sign-on equity grant of 500,000 stock options and annual equity grants starting in 2023.
- 7Joseph J. DeAngelo appointed to the Board of Directors, serving on the Compensation and Nominating and Corporate Governance Committees.