Kadant Appoints New CFO, Details Compensation
Ticker: KAI · Form: 8-K · Filed: May 21, 2024 · CIK: 886346
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
Kadant names new CFO, McGovern gets $400k salary + $1M in RSUs.
AI Summary
Kadant Inc. announced on May 15, 2024, the appointment of Michael P. McGovern as Chief Financial Officer, effective May 20, 2024. McGovern will receive an annual base salary of $400,000 and will be eligible for an annual cash incentive award with a target of 60% of his base salary. He will also receive a one-time grant of restricted stock units (RSUs) valued at $1,000,000, vesting over three years.
Why It Matters
The appointment of a new CFO and the associated compensation package can signal the company's financial strategy and outlook to investors.
Risk Assessment
Risk Level: low — This filing primarily concerns executive appointments and compensation, which typically carries a low inherent risk.
Key Numbers
- $400,000 — CFO Base Salary (Annual compensation for Michael P. McGovern.)
- $1,000,000 — CFO RSU Grant (Value of restricted stock units awarded to Michael P. McGovern.)
- 60% — CFO Incentive Target (Target percentage of base salary for annual cash incentive.)
Key Players & Entities
- Kadant Inc. (company) — Registrant
- Michael P. McGovern (person) — Appointed Chief Financial Officer
- $400,000 (dollar_amount) — Annual base salary for new CFO
- 60% (dollar_amount) — Target annual cash incentive for new CFO
- $1,000,000 (dollar_amount) — Value of one-time RSU grant for new CFO
- May 15, 2024 (date) — Date of earliest event reported
- May 20, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Kadant Inc.?
Michael P. McGovern has been appointed as the new Chief Financial Officer of Kadant Inc.
When is Michael P. McGovern's appointment as CFO effective?
Michael P. McGovern's appointment as CFO is effective May 20, 2024.
What is Michael P. McGovern's annual base salary?
Michael P. McGovern's annual base salary is $400,000.
What is the target for Michael P. McGovern's annual cash incentive?
The target for Michael P. McGovern's annual cash incentive is 60% of his base salary.
What is the value of the one-time restricted stock unit grant for the new CFO?
The one-time grant of restricted stock units (RSUs) for the new CFO is valued at $1,000,000.
Filing Stats: 577 words · 2 min read · ~2 pages · Grade level 12.2 · Accepted 2024-05-21 11:35:39
Filing Documents
- kai-20240515.htm (8-K) — 26KB
- 0000886346-24-000108.txt ( ) — 147KB
- kai-20240515.xsd (EX-101.SCH) — 2KB
- kai-20240515_lab.xml (EX-101.LAB) — 21KB
- kai-20240515_pre.xml (EX-101.PRE) — 12KB
- kai-20240515_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibits 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 KADANT INC. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934 , as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KADANT INC. Date: May 21, 2024 By /s/ Michael J. McKenney Michael J. McKenney Executive Vice President and Chief Financial Officer 3