Fuel Tech Appoints New CFO
Ticker: FTEK · Form: 8-K · Filed: Mar 28, 2024 · CIK: 846913
| Field | Detail |
|---|---|
| Company | Fuel Tech, Inc. (FTEK) |
| Form Type | 8-K |
| Filed Date | Mar 28, 2024 |
| Risk Level | low |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $250,000, $3 million, $162,500, $650,000, $325,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo-appointment
Related Tickers: FTK
TL;DR
Fuel Tech brings back Michael Bodden as CFO, effective March 25, 2024.
AI Summary
Fuel Tech, Inc. announced on March 26, 2024, the appointment of Michael P. W. Bodden as Chief Financial Officer, effective March 25, 2024. He will also serve as Principal Accounting Officer. Bodden previously held the CFO position at Fuel Tech from 2017 to 2021 and rejoins the company after a period at other entities.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: low — This filing is a routine leadership appointment and does not involve significant financial or operational changes.
Key Players & Entities
- Fuel Tech, Inc. (company) — Registrant
- Michael P. W. Bodden (person) — Appointed Chief Financial Officer
- March 26, 2024 (date) — Date of Report
- March 25, 2024 (date) — Effective date of appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Fuel Tech, Inc.?
Michael P. W. Bodden has been appointed as the new Chief Financial Officer of Fuel Tech, Inc.
When was Michael P. W. Bodden's appointment effective?
Michael P. W. Bodden's appointment was effective March 25, 2024.
Will the new CFO also serve as Principal Accounting Officer?
Yes, Michael P. W. Bodden will also serve as Principal Accounting Officer.
Has Michael P. W. Bodden held a position at Fuel Tech before?
Yes, Michael P. W. Bodden previously served as CFO of Fuel Tech from 2017 to 2021.
What is the company's principal executive office address?
The company's principal executive office is located at 27601 Bella Vista Parkway, Warrenville, IL 60555-1617.
Filing Stats: 1,436 words · 6 min read · ~5 pages · Grade level 12.4 · Accepted 2024-03-28 16:05:37
Key Financial Figures
- $250,000 — unless Fuel Tech achieves a minimum of $250,000 in Operating Income for the applicable
- $3 million — potential Incentive Pool is "capped" at $3 million. The 2024 CIP contemplates that incent
- $162,500 — Tech will set aside an amount equal to $162,500 upon the completion in full of each of
- $650,000 — th the total bonus pool being capped at $650,000. If Fuel Tech achieves all four curren
- $325,000 — r current objectives, a total amount of $325,000 will be set aside into the Bonus Pool.
- $50,000 — a one-time merit bonus in the amount of $50,000 to Mr. Arnone, the Company's Chief Exec
Filing Documents
- ftek20240327_8k.htm (8-K) — 43KB
- ex_646162.htm (EX-99.1) — 35KB
- ex_646163.htm (EX-99.2) — 40KB
- ft.jpg (GRAPHIC) — 7KB
- 0001437749-24-009817.txt ( ) — 276KB
- ftek-20240326.xsd (EX-101.SCH) — 3KB
- ftek-20240326_def.xml (EX-101.DEF) — 11KB
- ftek-20240326_lab.xml (EX-101.LAB) — 15KB
- ftek-20240326_pre.xml (EX-101.PRE) — 11KB
- ftek20240327_8k_htm.xml (XML) — 3KB
02
ITEM 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers On March 26, 2024, the Compensation Committee (the "Committee") of the Board of Directors of Fuel Tech, Inc. ("Fuel Tech" or the "Company") took the following actions: 1. The Committee adopted Fuel Tech's 2024 Corporate Incentive Plan (the "2024 CIP"). All employees of Fuel Tech and its wholly-owned subsidiaries (excluding sales personnel) are eligible for participation in the 2024 CIP, including Fuel Tech's President and Chief Executive Officer (Vincent J. Arnone) and Chief Financial Officer and Treasurer (Ellen T. Albrecht). Potential cash awards under the CIP are designed to focus employees on the achievement of both positive earnings growth for Fuel Tech as well as on their own individual performance. A copy of the 2024 CIP is attached to this Report as Exhibit 99.1 . The 2024 CIP is structured as follows: Payouts are based on Fuel Tech's ability to realize Operating Income. For purposes of the 2024 CIP, "Operating Income" means Fuel Tech's operating income before the impact of incentive pay (but including adjustments to reflect the payment of sales commissions), as determined by the Committee in its sole discretion. An "Incentive Pool" may be created dependent on Fuel Tech's obtaining specified levels of Operating Income during the fiscal year. If the Incentive Pool is created, each participant will be awarded his or her designated portion of the Incentive Pool. The focus on Operating Income provides an objective measurement of Fuel Tech's financial performance to directly tie any payout to the overall financial performance of Fuel Tech across all business lines. No amounts are payable under the 2024 CIP unless Fuel Tech achieves a minimum of $250,000 in Operating Income for the applicable fiscal year. Accordingly, if Fuel Tech's Operating Income financial performance for a fiscal year falls bel
Financial Statements and Exhibits
Financial Statements and Exhibits Exhibit No. Description 99.1 2023 Fuel Tech, Inc. Corporate Incentive Plan 99.2 2023 Fuel Tech, Inc. Current Objectives Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES 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. Fuel Tech, Inc. (Registrant) By: /s/ Bradley W. Johnson Bradley W. Johnson Date: March 28, 2024 Vice President, General Counsel and Secretary