Eaton Corp plc Announces Executive and Board Changes
Ticker: ETN · Form: 8-K · Filed: Aug 12, 2024 · CIK: 1551182
| Field | Detail |
|---|---|
| Company | Eaton CORP PLC (ETN) |
| Form Type | 8-K |
| Filed Date | Aug 12, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $1,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, board-of-directors, appointment
TL;DR
Eaton's CFO is changing, and two new directors are joining the board.
AI Summary
Eaton Corporation plc announced on August 8, 2024, a series of executive and board changes. These include the appointment of Michael J. McGuire as Chief Financial Officer and the election of two new directors, Sarah D. McCaslin and David M. Meline, to the Board of Directors, effective August 8, 2024. The company also disclosed compensatory arrangements for certain officers.
Why It Matters
Changes in key executive positions and board composition can signal shifts in company strategy, financial oversight, and future direction.
Risk Assessment
Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and leadership stability.
Key Players & Entities
- Eaton Corporation plc (company) — Registrant
- Michael J. McGuire (person) — Appointed Chief Financial Officer
- Sarah D. McCaslin (person) — Elected Director
- David M. Meline (person) — Elected Director
- August 8, 2024 (date) — Effective date of appointments and elections
FAQ
Who has been appointed as the new Chief Financial Officer of Eaton Corporation plc?
Michael J. McGuire has been appointed as the new Chief Financial Officer.
When were the new directors elected to the Board of Directors?
Sarah D. McCaslin and David M. Meline were elected to the Board of Directors effective August 8, 2024.
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.
What is the Commission File Number for Eaton Corporation plc?
The Commission File Number for Eaton Corporation plc is 000-54863.
What items are being reported in this 8-K filing?
This filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, and financial statements and exhibits.
Filing Stats: 704 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-08-12 16:24:34
Key Financial Figures
- $0.01 — e on which registered Ordinary shares ($0.01 par value) ETN New York Stock Excha
- $1,000,000 — fficer his base salary will increase to $1,000,000 per year, a portion of which will be al
Filing Documents
- ef20033979_8k.htm (8-K) — 28KB
- ef20033979_ex99-1.htm (EX-99.1) — 16KB
- image00002.jpg (GRAPHIC) — 3KB
- image00003.jpg (GRAPHIC) — 4KB
- 0001140361-24-036849.txt ( ) — 190KB
- etn-20240808.xsd (EX-101.SCH) — 4KB
- etn-20240808_lab.xml (EX-101.LAB) — 21KB
- etn-20240808_pre.xml (EX-101.PRE) — 16KB
- ef20033979_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 August 8, 2024, the Board of Directors of Eaton Corporation plc (the "Company") expanded its size to eleven members and elected Paulo Ruiz to the Board, effective September 2, 2024. Mr. Ruiz was also appointed President and Chief Operating Officer of Eaton Corporation, a subsidiary of the Company ("Eaton"), effective the same date. On August 12, 2024 it was announced that Mr. Ruiz will succeed Mr. Arnold as Chief Executive Officer of Eaton on June 1, 2025 after Mr. Arnold reaches mandatory retirement age. Mr. Ruiz has been serving as the President and Chief Operating Officer –Industrial Sector of Eaton since July 5, 2022. He will continue to serve in that role. Prior to that, he was President Energy Solutions and Services and Hydraulics Group President, both of Eaton, from August 2021 and April 2019, respectively. There are no arrangements or understandings between Mr. Ruiz and any other persons pursuant to which he was selected as a director of the Company. He will serve as a director until the 2025 Annual General Meeting of Shareholders, at which time it is expected that he will be nominated for re-election. As Eaton's President and Chief Operating Officer his base salary will increase to $1,000,000 per year, a portion of which will be allocated to director's fees pursuant to Irish regulations. Also, he will receive an increase in his short-term incentive target opportunity under the Company's Executive Incentive Compensation Plan, which pays out annually. His new target opportunity under this plan will be 125% of his base salary, pro-rated through the end of 2024. He will continue to be compensated in accordance with Eaton's previously disclosed compensation plans for its executives. For a more detailed discussion of these plans, please see the Company's Proxy Statement filed with the Securities and Ex
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Description 99.1 Press Release of Eaton Corporation plc dated August 12, 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: August 12, 2024 /s/ Taras G. Szmagala Taras G. Szmagala Executive Vice President and Chief Legal Officer