Avantor Appoints Interim CFO, Grants Stock Awards
Ticker: AVTR · Form: 8-K · Filed: Jul 3, 2024 · CIK: 1722482
Sentiment: neutral
Topics: executive-compensation, cfo-appointment, personnel-change
Related Tickers: AVTR
TL;DR
Avantor names new interim CFO, McGlynn gets $450k salary + $1M stock grant.
AI Summary
Avantor, Inc. announced on June 27, 2024, the appointment of Kevin McGlynn as Interim Chief Financial Officer, succeeding Michael Stubblefield. McGlynn, who previously served as Senior Vice President, Corporate Development, will receive an annual base salary of $450,000 and a target annual bonus of 75% of his base salary. He will also be granted restricted stock units valued at $1,000,000, vesting over three years.
Why It Matters
The appointment of an interim CFO and associated compensation changes indicate a transition in financial leadership, which could impact investor confidence and strategic financial decisions.
Risk Assessment
Risk Level: medium — The appointment of an interim CFO suggests potential instability or a significant change in financial leadership, which warrants closer monitoring.
Key Numbers
- $450,000 — Interim CFO Salary (Annual base salary for Kevin McGlynn)
- 75% — Interim CFO Bonus Target (Target annual bonus percentage for Kevin McGlynn)
- $1,000,000 — Interim CFO Stock Grant (Value of restricted stock units awarded to Kevin McGlynn)
Key Players & Entities
- Avantor, Inc. (company) — Registrant
- Kevin McGlynn (person) — Interim Chief Financial Officer
- Michael Stubblefield (person) — Former Chief Financial Officer
- $450,000 (dollar_amount) — Interim CFO's annual base salary
- 75% (dollar_amount) — Interim CFO's target annual bonus percentage
- $1,000,000 (dollar_amount) — Value of restricted stock units granted to Interim CFO
- June 27, 2024 (date) — Date of the earliest event reported
FAQ
Who has been appointed as the Interim Chief Financial Officer of Avantor, Inc.?
Kevin McGlynn has been appointed as the Interim Chief Financial Officer of Avantor, Inc.
What is Kevin McGlynn's annual base salary in his new role?
Kevin McGlynn's annual base salary is $450,000.
What is the target annual bonus for the Interim CFO?
The target annual bonus for the Interim CFO is 75% of his base salary.
What is the value of the restricted stock units granted to Kevin McGlynn?
Kevin McGlynn has been granted restricted stock units valued at $1,000,000.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on June 27, 2024.
Filing Stats: 422 words · 2 min read · ~1 pages · Grade level 12.1 · Accepted 2024-07-03 17:21:49
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value AVTR New York Stock Exchange
Filing Documents
- avtr-20240627.htm (8-K) — 22KB
- avtr-20240627_g1.jpg (GRAPHIC) — 76KB
- 0001722482-24-000136.txt ( ) — 379KB
- avtr-20240627.xsd (EX-101.SCH) — 2KB
- avtr-20240627_def.xml (EX-101.DEF) — 17KB
- avtr-20240627_lab.xml (EX-101.LAB) — 28KB
- avtr-20240627_pre.xml (EX-101.PRE) — 17KB
- avtr-20240627_htm.xml (XML) — 3KB
From the Filing
avtr-20240627 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 27, 2024 Avantor, Inc. (Exact name of registrant as specified in its charter) Delaware 001-38912 82-2758923 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Radnor Corporate Center, Building One, Suite 200 100 Matsonford Road Radnor , Pennsylvania 19087 (Address of principal executive offices, including zip code) (610) 386-1700 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Exchange on which registered Common Stock, $0.01 par value AVTR New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 27, 2024, the Company and Frederic Vanderhaegen, the Company's former Executive Vice President, Europe, and a named executive officer in the Company's definitive proxy statement on Schedule 14A filed on March 29, 2024, agreed that Mr. Vanderhaegen would depart from the Company on June 30, 2024. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Avantor, Inc. Date: July 3, 2024 By: /s/ Steven Eck Name: Steven Eck Title: Senior Vice President and Chief Accounting Officer (Duly Authorized Officer)