Gentherm Inc. Board Shakeup: Director Departs, New Members Elected
Ticker: THRM · Form: 8-K · Filed: Nov 8, 2024 · CIK: 903129
| Field | Detail |
|---|---|
| Company | Gentherm Inc (THRM) |
| Form Type | 8-K |
| Filed Date | Nov 8, 2024 |
| Risk Level | low |
| Pages | 7 |
| Reading Time | 9 min |
| Key Dollar Amounts | $20 billion, $950,000, $4,000,000, $1,350,000, $4,700,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: THRM
TL;DR
Gentherm board sees a shuffle: Johnson out, Schaffer and Johnson (new) in. Compensatory plans also updated.
AI Summary
On November 6, 2024, Gentherm Inc. filed an 8-K report detailing several key events. The company announced the departure of director David M. Johnson, effective November 5, 2024. Additionally, the board elected two new directors, Steven R. Schaffer and David M. Johnson, to fill the vacancies. The filing also disclosed compensatory arrangements for certain officers.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns board changes and compensatory arrangements, which are routine corporate governance events and do not immediately suggest significant financial or operational risks.
Key Players & Entities
- Gentherm Inc. (company) — Registrant
- David M. Johnson (person) — Departing Director and Newly Elected Director
- Steven R. Schaffer (person) — Newly Elected Director
- November 6, 2024 (date) — Date of Report
- November 5, 2024 (date) — Effective date of director departure
FAQ
Who has departed from the Gentherm Inc. board of directors?
David M. Johnson departed from the board of directors, with his departure effective November 5, 2024.
Who has been elected as new directors to the Gentherm Inc. board?
Steven R. Schaffer and David M. Johnson have been elected as new directors.
What is the effective date of the director departures mentioned in the filing?
The departure of David M. Johnson was effective November 5, 2024.
What other information is disclosed regarding Gentherm Inc.'s officers?
The filing also discloses compensatory arrangements for certain officers.
What is the primary purpose of this 8-K filing for Gentherm Inc.?
This 8-K filing reports on the departure of a director, the election of new directors, and compensatory arrangements for certain officers.
Filing Stats: 2,216 words · 9 min read · ~7 pages · Grade level 12.5 · Accepted 2024-11-08 06:35:59
Key Financial Figures
- $20 billion — igent connectivity with revenue of over $20 billion. He most recently served as Vice Chairm
- $950,000 — the Presley Offer Letter includes: A $950,000 annual base salary. Eligibility for a
- $4,000,000 — quity award with a total grant value of $4,000,000, with the initial award to be granted i
- $1,350,000 — awards with Aptiv, he will receive (i) $1,350,000 in cash within 45 days of the Presley S
- $4,700,000 — d (ii) RSUs with a total grant value of $4,700,000 and vesting pro rata annually on each o
- $59,000 — es that Mr. Eyler will receive a fee of $59,000 per month during the term. Mr. Eyler wi
Filing Documents
- d873150d8k.htm (8-K) — 42KB
- d873150dex101.htm (EX-10.1) — 71KB
- d873150dex102.htm (EX-10.2) — 55KB
- d873150dex99.htm (EX-99) — 30KB
- g873150dsp1.jpg (GRAPHIC) — 4KB
- g873150snap4.jpg (GRAPHIC) — 19KB
- 0001193125-24-253684.txt ( ) — 394KB
- thrm-20241106.xsd (EX-101.SCH) — 3KB
- thrm-20241106_lab.xml (EX-101.LAB) — 17KB
- thrm-20241106_pre.xml (EX-101.PRE) — 11KB
- d873150d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1* Offer Letter between Gentherm Incorporated and William T. Presley, dated as of November 6, 2024 10.2* Separation and Consulting Agreement between Gentherm Incorporated and Phillip Eyler, dated as of November 6, 2024 99 Company news release, dated November 8, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Indicates management contract or compensatory plan or arrangement.
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. GENTHERM INCORPORATED By: /s/ Wayne Kauffman Wayne Kauffman Senior Vice President, General Counsel and Secretary Date: November 8, 2024