Regal Rexnord Appoints Interim CFO, Elects Directors
Ticker: RRX · Form: 8-K · Filed: Apr 24, 2024 · CIK: 82811
| Field | Detail |
|---|---|
| Company | Regal Rexnord Corp (RRX) |
| Form Type | 8-K |
| Filed Date | Apr 24, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo, board-election
TL;DR
Regal Rexnord names new interim CFO, Stover, with $400K salary. Barry out.
AI Summary
Regal Rexnord Corporation announced on April 23, 2024, the appointment of Michael J. Stover as Interim Chief Financial Officer, succeeding Robert J. Barry Jr. Stover, who previously served as Senior Vice President, Corporate Controller, and Chief Accounting Officer, will receive an annual base salary of $400,000 and a target annual bonus of 75% of his base salary. The company also reported on the election of new directors and the submission of matters to a vote of security holders.
Why It Matters
The appointment of an interim CFO signals a transition period for the company's financial leadership, which could impact investor confidence and strategic financial decisions.
Risk Assessment
Risk Level: medium — Changes in key financial leadership roles can introduce uncertainty regarding the company's financial strategy and performance.
Key Numbers
- $400,000 — Interim CFO Salary (Annual base salary for Michael J. Stover.)
- 75% — Interim CFO Bonus Target (Target annual bonus percentage for Michael J. Stover.)
Key Players & Entities
- Regal Rexnord Corporation (company) — Reporting company
- Michael J. Stover (person) — Appointed Interim Chief Financial Officer
- Robert J. Barry Jr. (person) — Departing Chief Financial Officer
- $400,000 (dollar_amount) — Interim CFO's annual base salary
- 75% (dollar_amount) — Interim CFO's target annual bonus percentage
FAQ
Who has been appointed as the Interim Chief Financial Officer of Regal Rexnord Corporation?
Michael J. Stover has been appointed as the Interim Chief Financial Officer.
What is the annual base salary for the new Interim CFO?
The annual base salary for Michael J. Stover is $400,000.
What is the target annual bonus percentage for Michael J. Stover?
The target annual bonus percentage for Michael J. Stover is 75% of his base salary.
Who did Michael J. Stover replace as CFO?
Michael J. Stover replaced Robert J. Barry Jr. as CFO.
What other items were reported in this 8-K filing?
The filing also reported on the election of directors and the submission of matters to a vote of security holders.
Filing Stats: 1,211 words · 5 min read · ~4 pages · Grade level 12.7 · Accepted 2024-04-24 07:41:14
Filing Documents
- rrx-20240423.htm (8-K) — 64KB
- ex101-regalrexnordsuppleme.htm (EX-10.1) — 140KB
- ex102-rrxxrestrictedstocku.htm (EX-10.2) — 23KB
- 0000082811-24-000080.txt ( ) — 383KB
- rrx-20240423.xsd (EX-101.SCH) — 2KB
- rrx-20240423_lab.xml (EX-101.LAB) — 21KB
- rrx-20240423_pre.xml (EX-101.PRE) — 12KB
- rrx-20240423_htm.xml (XML) — 3KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. As noted above, on April 23, 2024, the Company held its Annual Meeting for the purposes of (i) electing ten directors for terms expiring at the 2025 annual meeting of shareholders, (ii) holding a shareholder advisory vote on the compensation of the Company's named executive officers as disclosed in the Company's 2024 proxy statement, and (iii) ratifying the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the year ending December 31, 2024. As of the March 1, 2024 record date for the determination of the shareholders entitled to notice of, and to vote at, the Annual Meeting, 66,502,391 shares of the Company's common stock were outstanding and eligible to vote. A total of 64,255,707 shares were voted in person or by proxy at the Annual Meeting. The following are the final votes on the matters presented for approval at the Annual Meeting : Vote on the election of ten directors for terms expiring at the 2025 Annual Meeting: Name For Against Abstain Broker Non-Votes Jan A. Bertsch 63,077,391 112,151 21,600 1,044,565 Stephen M. Burt 62,547,180 641,176 22,786 1,044,565 Anesa T. Chaibi 63,030,329 158,877 21,936 1,044,565 Theodore D. Crandall 62,975,641 213,837 21,664 1,044,565 Michael P. Doss 62,970,031 218,973 22,138 1,044,565 Michael F. Hilton 62,669,303 519,671 22,168 1,044,565 Louis V. Pinkham 62,832,626 355,806 22,710 1,044,565 Rakesh Sachdev 56,250,309 6,937,609 23,224 1,044,565 Curtis W. Stoelting 62,473,695 715,702 21,745 1,044,565 Robin A. Walker-Lee 62,552,621 636,914 21,607 1,044,565 Advisory vote on the compensation of the Company's named executive officers as disclosed in the Company's 2024 proxy statement: For Against Abstain Broker Non-Votes 62,167,207 995,430 48,505 1,044,565 V ote on the ratification of the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the year
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Index Exhibit Number Exhibit Description 10.1 Regal Rexnord Corporation Amended and Restated Supplemental Retirement Plan, as amended and restated effective April 22, 2024 . 10.2 Form of Restricted Stock Unit Award Agreement for Directors under the Regal Rexnord Corporation 2023 Omnibus Incentive Plan, as updated in April 2024. 104.1 Cover Page Interactive Data File (the Cover Page Interactive Data File is 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. REGAL REXNORD CORPORATION Date: April 24, 2024 By: /s/ Hugo Dubovoy, Jr. Hugo Dubovoy, Jr. Executive Vice President, General Counsel and Corporate Secretary