01—Abstract
Summary
Summary of the 8-K filed October 15, 2024. Cited figures are marked; the original filing is the authoritative source.
Xylem Inc. filed this Form 8-K on October 15, 2024 to report a senior leadership change in its Applied Water segment.
Franz W. Cerwinka will cease to serve as Senior Vice President and President, Applied Water and Xylem Business Transformation effective October 21, 2024. Under a Transition Services Agreement dated October 14, 2024, he will remain employed as an advisor until his involuntary termination without cause on or about March 31, 2025.
During the transition he will continue to receive a base salary at an annual rate of $570,630,a keep participating in employee benefit plans, continue vesting in outstanding equity awards through the termination date, and be eligible for a 2024 annual incentive plan payout based on Company and individual performance. The same filing discloses that on October 15, 2024 the Company issued a press release naming Meredith Emmerich Senior Vice President and President, Applied Water, effective October 21, 2024. According to the press release, Emmerich joins the senior leadership team and reports to President and CEO Matthew Pine.
Applied Water is one of Xylem's four reportable business segments, serving industrial and commercial buildings markets. Emmerich most recently was Vice President of Carrier Global Corporation's Global Enterprise Solutions and has held senior roles at Carrier since 2013.
For investors, the filing is primarily a management transition notice rather than a financial disclosure; it contains no financial results. The filing states that Xylem is a company with 23,000 employees and combined pro forma revenue of $8.1 billionb in 2023, and that the press release information is furnished under Regulation FD and not deemed filed under the Exchange Act.
02—Key points
Key Highlights
- Franz W. Cerwinka ceases as SVP and President, Applied Water and Xylem Business Transformation effective October 21, 2024
- Cerwinka remains as an advisor under a Transition Services Agreement until involuntary termination without cause on or about March 31, 2025
- Transition terms include a base salary at an annual rate of $570,630, continued benefits, continued equity vesting through the termination date, and eligibility for a 2024 annual incentive payout
- Meredith Emmerich named SVP and President, Applied Water effective October 21, 2024, reporting to CEO Matthew Pine
- Emmerich previously served as Vice President of Carrier Global Corporation's Global Enterprise Solutions and has held senior Carrier roles since 2013
- Applied Water is one of Xylem's four reportable business segments, serving industrial and commercial buildings markets
- The press release announcing the appointment is furnished as Exhibit 99.1 under Regulation FD and is not deemed filed under the Exchange Act
03—Questions
Frequently Asked Questions
Who is leading Xylem's Applied Water segment after October 21, 2024?
Meredith Emmerich becomes Senior Vice President and President, Applied Water, effective October 21, 2024, and reports to President and CEO Matthew Pine, according to the press release filed as Exhibit 99.1.
What happens to Franz Cerwinka's role?
Cerwinka ceases to serve as Senior Vice President and President, Applied Water and Xylem Business Transformation effective October 21, 2024. He remains employed as an advisor until his involuntary termination without cause on or about March 31, 2025.
What compensation will Cerwinka receive during the transition?
The filing states he will continue to receive base salary at an annual rate of $570,630 and keep participating in employee benefit plans. His outstanding equity awards may continue vesting through the termination date under the Long-Term Incentive Plan, and he may receive a 2024 annual incentive plan payout based on Company and individual performance.
What is Meredith Emmerich's background?
According to the press release, Emmerich was Vice President of Carrier Global Corporation's Global Enterprise Solutions and held several senior roles at Carrier since 2013, including leading the Americas Commercial HVAC and Global Residential, Light Commercial and VRF HVAC business. Earlier she held roles at Mitsubishi Electric Cooling & Heating and Mitsubishi Telecommunications.
Does this filing include financial results?
No. The filing is a leadership transition notice. It describes Xylem as having 23,000 employees and combined pro forma revenue of $8.1 billion in 2023, but reports no quarterly or annual financial results.
04—Continue