Summary
Vertiv Holdings Co (VRT) has announced a significant change in its financial leadership with the appointment of Eric M. Johnson as the new Chief Accounting Officer (CAO), effective around April 29, 2024. Mr. Johnson brings extensive experience in accounting and finance, having served in various senior roles at Cardinal Health for nearly two decades. His appointment is aimed at strengthening the company's global accounting organization and enhancing internal financial controls, reporting directly to the CFO. This transition also involves the departure of the current CAO, Scott Cripps, who will assume a different leadership position within Vertiv. Investors should note that Mr. Johnson's compensation package includes a competitive base salary, annual cash bonus, and a notable sign-on equity grant comprising stock options and restricted stock units valued at a total of $250,000. He will also be eligible for future annual equity grants and is subject to standard executive employment policies, including severance and change of control benefits. The company has emphasized that Mr. Johnson's selection was based on his qualifications, with no undisclosed arrangements or material interests in company transactions.
Key Highlights
- 1Vertiv Holdings Co. appoints Eric M. Johnson as Chief Accounting Officer (CAO), effective April 29, 2024.
- 2Mr. Johnson brings over 20 years of accounting and finance leadership experience, most recently as SVP, Global Financial Shared Services at Cardinal Health.
- 3The appointment is intended to strengthen the company's global accounting organization and internal financial controls.
- 4Current CAO, Scott Cripps, will depart from his role but remain with the company in another leadership capacity.
- 5Mr. Johnson's compensation includes a base salary, annual bonus, a $250,000 sign-on equity grant (stock options and RSUs), and eligibility for future equity awards.
- 6Mr. Johnson is subject to standard executive employment policies, including severance and change of control provisions.
- 7No undisclosed arrangements or material interests in company transactions were reported for Mr. Johnson.