Eaton Corp plc Announces Executive and Director Changes
Ticker: ETN · Form: 8-K · Filed: Jul 29, 2024 · CIK: 1551182
| Field | Detail |
|---|---|
| Company | Eaton CORP PLC (ETN) |
| Form Type | 8-K |
| Filed Date | Jul 29, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $127,500, $170,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-changes, board-of-directors
TL;DR
Eaton Corp plc shakes up board and exec comp. New directors in, one out.
AI Summary
Eaton Corporation plc announced on July 24, 2024, changes in its executive team and board of directors. Specifically, it reported the departure of Director Michael J. McVay and the election of new directors, along with updates to compensatory arrangements for certain officers.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing details routine corporate governance changes, including director departures and appointments, which typically carry low inherent risk.
Key Players & Entities
- Eaton Corporation plc (company) — Registrant
- Michael J. McVay (person) — Departing Director
- July 24, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the Board of Directors?
Michael J. McVay has departed from the Board of Directors.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on July 24, 2024.
What is Eaton Corporation plc's country of incorporation?
Eaton Corporation plc is incorporated in Ireland.
What is the principal executive office address for Eaton Corporation plc?
The principal executive office is located at Eaton House, 30 Pembroke Road, Dublin 4, Ireland, D04 Y0C2.
What is the telephone number for Eaton Corporation plc?
The telephone number is +353 1637 2900.
Filing Stats: 736 words · 3 min read · ~2 pages · Grade level 11.6 · Accepted 2024-07-29 16:32:19
Key Financial Figures
- $0.01 — e on which registered Ordinary shares ($0.01 par value) ETN New York Stock Excha
- $127,500 — Her RSU grant will be the equivalent of $127,500 in Ordinary Shares, based on the 30-day
- $170,000 — This amount represents 75% of the full $170,000 2024 RSU award amount, reflecting the p
Filing Documents
- ef20033078_8k.htm (8-K) — 30KB
- ef20033078_ex99-1.htm (EX-99.1) — 9KB
- image00002.jpg (GRAPHIC) — 3KB
- image00003.jpg (GRAPHIC) — 4KB
- 0001140361-24-034686.txt ( ) — 186KB
- etn-20240724.xsd (EX-101.SCH) — 4KB
- etn-20240724_lab.xml (EX-101.LAB) — 21KB
- etn-20240724_pre.xml (EX-101.PRE) — 16KB
- ef20033078_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On July 24, 2024, the Board of Directors (the "Board") of Eaton Corporation plc (the "Company") increased its size from nine to ten members and elected Karenann Terrell to fill the resulting vacancy, effective immediately. Ms. Terrell served as Chief Digital and Technology Officer of GSK plc, a British multinational pharmaceutical and biotechnology company, until her retirement in December 2021. Ms. Terrell was appointed to serve on the Compensation and Organization Committee, the Finance Committee, and the Innovation and Technology Committee of the Board. Ms. Terrell will receive compensation pursuant to the Company's standard arrangements for non-employee directors as described in its Proxy Statement for the 2024 Annual General Meeting of Shareholders, which was filed with the Securities and Exchange Commission ("SEC") on March 15, 2024. In connection with her election to the Board, Ms. Terrell will receive a Restricted Stock Unit ("RSU") grant on August 5, 2024 representing a pro rata portion of the 2024 RSU award granted to all other non-employee directors on May 3, 2024. Her RSU grant will be the equivalent of $127,500 in Ordinary Shares, based on the 30-day average closing price of such shares leading up to the grant date. This amount represents 75% of the full $170,000 2024 RSU award amount, reflecting the portion of the 2024 grant cycle that she will serve on the Board. Each of the Company and its wholly owned subsidiary, Eaton Corporation, have entered into standard indemnification agreements for the Company's directors with Ms. Terrell, the forms of which were filed with the SEC on February 28, 2013 as Exhibits 10(bb) and 10(cc) to the Company's Annual Report on Form 10-K for the year ended December 31, 2012. There are no arrangements or understandings between Ms. Terrell and any other persons purs
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Description 99.1 Press Release of Eaton Corporation plc dated July 24, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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. Eaton Corporation plc Date: July 25, 2024 /s/ Taras G. Szmagala Taras G. Szmagala Executive Vice President and Chief Legal Officer