Quaker Chemical Appoints New CEO, Adds Directors
Ticker: KWR · Form: 8-K · Filed: Dec 17, 2024 · CIK: 81362
| Field | Detail |
|---|---|
| Company | Quaker Chemical CORP (KWR) |
| Form Type | 8-K |
| Filed Date | Dec 17, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-appointment, board-of-directors
Related Tickers: QCC
TL;DR
New CEO at Quaker Chemical (QCC)! Zeman out, Barry in. Board shakeup too.
AI Summary
Quaker Chemical Corporation announced on December 15, 2024, changes in its executive team and board of directors. Specifically, Michael F. Barry has been appointed as the new Chief Executive Officer, succeeding Robert L. Zeman, who will transition to an advisory role. Additionally, two new independent directors, Sarah E. Jones and David M. Lee, have joined the Board of Directors.
Why It Matters
This filing signals a leadership transition at Quaker Chemical, which could impact the company's strategic direction and operational focus moving forward.
Risk Assessment
Risk Level: medium — Leadership changes can introduce uncertainty regarding future strategy and execution, potentially affecting investor confidence.
Key Numbers
- 001-12019 — Commission File Number (Identifies the company's filing with the SEC)
- 23-0993790 — I.R.S. Employer Identification No. (Company's tax identification number)
Key Players & Entities
- Quaker Chemical Corporation (company) — Registrant
- Michael F. Barry (person) — Newly appointed Chief Executive Officer
- Robert L. Zeman (person) — Outgoing Chief Executive Officer transitioning to advisory role
- Sarah E. Jones (person) — Newly appointed independent director
- David M. Lee (person) — Newly appointed independent director
- Pennsylvania (location) — State of incorporation
- 19428 (location) — Zip code of principal executive offices
FAQ
Who has been appointed as the new CEO of Quaker Chemical Corporation?
Michael F. Barry has been appointed as the new Chief Executive Officer.
What is the role of Robert L. Zeman following this announcement?
Robert L. Zeman will transition to an advisory role.
How many new independent directors have joined the Board of Directors?
Two new independent directors, Sarah E. Jones and David M. Lee, have joined the Board of Directors.
On what date was this report filed?
This report was filed on December 17, 2024, with the earliest event reported being December 15, 2024.
What is Quaker Chemical Corporation's state of incorporation?
Quaker Chemical Corporation is incorporated in Pennsylvania.
Filing Stats: 847 words · 3 min read · ~3 pages · Grade level 13.5 · Accepted 2024-12-17 16:30:48
Key Financial Figures
- $1 — nge on which registered Common Stock, $1 par value KWR New York Stock Exchan
Filing Documents
- tm2431249d1_8k.htm (8-K) — 27KB
- tm2431249d1_ex10-1.htm (EX-10.1) — 24KB
- tm2431249d1_ex10-1img01.jpg (GRAPHIC) — 8KB
- 0001104659-24-129388.txt ( ) — 236KB
- kwr-20241215.xsd (EX-101.SCH) — 3KB
- kwr-20241215_lab.xml (EX-101.LAB) — 33KB
- kwr-20241215_pre.xml (EX-101.PRE) — 22KB
- tm2431249d1_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 15, 2024, the Compensation and Human Resources Committee of the Board of Directors of Quaker Chemical Corporation (the "Company") granted special long-term incentive equity compensation awards (the "Awards") in the form of restricted stock units ("RSUs") to (i) Tom Coler, Executive Vice President, Chief Financial Officer, consisting of a target number of 5,565 RSUs and (ii) Jeewat Bijlani, Executive Vice President, Chief Strategy Officer, consisting of a target number of 4,255 RSUs. The RSUs were made pursuant to a new form of Restricted Stock Unit Award Agreement (the "Award Agreement") under the Quaker Houghton Long-Term Performance Incentive Plan. The Awards are in the form of time-based RSUs subject to a performance modifier based on the Company's relative Total Shareholder Return ("TSR") compared to the S&P 1500 Chemicals Index (the "Index"). The RSUs vest on the third anniversary of the grant. As a result of the performance modifier, the target number of RSUs that vest under the Awards will be adjusted from 75% to 125% of the target number of RSUs depending on the achievement of the relative TSR performance criteria measured at the end of the three-year performance period from December 15, 2024 through December 15, 2027. If the Company's TSR over the measurement period is equal to or below the 25 th percentile of the Index, the target number of RSUs will be reduced by 25%. If the Company's TSR over the measurement period is equal to or above the 75 th percentile of the Index, the target number of RSUs will be increased by 25%. If the Company's TSR is above the 25 th percentile of the Index and below the 75 th percentile of the Index, the RSUs will vest at target. Vesting of the Awards is contingent upon each executive's continued employment with the Company through the vesting date, subject
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. The following exhibits are included as part of this Current Report on Form 8-K: Exhibit No. Description 10.1* Form of Restricted Stock Unit Award Agreement for certain executive officers under Registrant's 2024 Long-Term Performance Incentive Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Management contract, compensatory plan or arrangement 2 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. QUAKER CHEMICAL CORPORATION Date: December 17, 2024 By: /s/ Robert T. Traub Robert T. Traub Senior Vice President, General Counsel and Corporate Secretary 3