Trinity Industries Appoints New CFO, Timothy Wallace
Ticker: TRN · Form: 8-K · Filed: Apr 3, 2024 · CIK: 99780
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: TRN
TL;DR
Trinity Industries names Timothy Wallace new CFO, effective April 1st. Big stock grant incoming.
AI Summary
Trinity Industries Inc. announced on March 29, 2024, the appointment of Timothy R. Wallace as Senior Vice President and Chief Financial Officer, effective April 1, 2024. Wallace will receive an annual base salary of $475,000 and will be eligible for the company's annual incentive plan. He will also receive a one-time grant of restricted stock units valued at $1,000,000, vesting over three years.
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 primarily concerns a routine executive appointment and compensation details, posing minimal immediate risk.
Key Numbers
- $475,000 — CFO Base Salary (Annual compensation for Timothy R. Wallace.)
- $1,000,000 — CFO Stock Grant (Value of restricted stock units granted to Timothy R. Wallace.)
Key Players & Entities
- Trinity Industries Inc. (company) — Registrant
- Timothy R. Wallace (person) — Appointed Senior Vice President and Chief Financial Officer
- $475,000 (dollar_amount) — Annual base salary for new CFO
- $1,000,000 (dollar_amount) — Value of one-time restricted stock unit grant
- March 29, 2024 (date) — Date of Report
- April 1, 2024 (date) — Effective date of CFO appointment
FAQ
What is Timothy R. Wallace's new role at Trinity Industries?
Timothy R. Wallace has been appointed as Senior Vice President and Chief Financial Officer.
When does Timothy R. Wallace's appointment become effective?
The appointment is effective April 1, 2024.
What is Timothy R. Wallace's annual base salary?
His annual base salary is $475,000.
What is the value of the one-time stock grant for the new CFO?
The one-time grant of restricted stock units is valued at $1,000,000.
How will the restricted stock units granted to Timothy R. Wallace vest?
The restricted stock units will vest over three years.
Filing Stats: 611 words · 2 min read · ~2 pages · Grade level 10.8 · Accepted 2024-04-03 16:29:28
Key Financial Figures
- $280,000 — compensation: (i) annual base salary of $280,000, (ii) 2024 target annual incentive comp
- $110,000 — target annual incentive compensation of $110,000, (iii) 2024 target long-term incentive
- $125,000 — get long-term incentive compensation of $125,000, and (iv) a $50,000 one-time grant of r
- $50,000 — ve compensation of $125,000, and (iv) a $50,000 one-time grant of restricted stock unit
Filing Documents
- trn-20240329.htm (8-K) — 27KB
- trn-20240329_g1.jpg (GRAPHIC) — 172KB
- 0000099780-24-000038.txt ( ) — 562KB
- trn-20240329.xsd (EX-101.SCH) — 2KB
- trn-20240329_lab.xml (EX-101.LAB) — 21KB
- trn-20240329_pre.xml (EX-101.PRE) — 12KB
- trn-20240329_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (a) - (c) Not applicable. (d) Exhibits: NO. DESCRIPTION 101.SCH Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith). 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
SIGNATURES
SIGNATURES 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. Trinity Industries, Inc. April 3, 2024 By: /s/ Eric R. Marchetto Name: Eric R. Marchetto Title: Executive Vice President and Chief Financial Officer