Watts Water Names New CFO, Sets Compensation

TL;DR

Watts Water gets a new CFO, Christopher Mulcahy, starting March 18th with a $425k salary.

AI Summary

Watts Water Technologies, Inc. announced on March 12, 2024, the appointment of Christopher J. Mulcahy as Senior Vice President and Chief Financial Officer, effective March 18, 2024. Mulcahy will receive an annual base salary of $425,000 and is eligible for a discretionary annual bonus. Additionally, the company entered into a material definitive agreement related to this appointment.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.

Risk Assessment

Risk Level: low — This filing primarily concerns a routine executive appointment and compensation, which typically carries low risk.

Key Numbers

• $425,000 — CFO Annual Base Salary (Compensation for the newly appointed Chief Financial Officer.)

Key Players & Entities

• Watts Water Technologies, Inc. (company) — Registrant
• Christopher J. Mulcahy (person) — Appointed Senior Vice President and Chief Financial Officer
• $425,000 (dollar_amount) — Annual base salary for new CFO
• March 18, 2024 (date) — Effective date of CFO appointment
• March 12, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.10 — stered Class A Common Stock, par value $0.10 per share WTS New York Stock Exchan

Filing Documents

• wts-20240312x8k.htm (8-K) — 36KB
• 0001558370-24-003173.txt ( ) — 151KB
• wts-20240312.xsd (EX-101.SCH) — 3KB
• wts-20240312_lab.xml (EX-101.LAB) — 15KB
• wts-20240312_pre.xml (EX-101.PRE) — 10KB
• wts-20240312x8k_htm.xml (XML) — 5KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Watts Water Technologies, Inc. (the "Registrant") and Kenneth Napolitano entered into an indemnification agreement dated as of March 12, 2024 in connection with his election as a Director of the Registrant. The indemnification agreement entered into between the Registrant and Mr. Napolitano is the Registrant's standard form of indemnification agreement, a copy of which was filed as Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2023. The indemnification agreement provides indemnity, including the advancement of expenses, to the directors and certain officers of the Registrant against liabilities incurred in the performance of their duties to the fullest extent permitted by the General Corporation Law of the State of Delaware. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 12, 2024, the Board of Directors of the Registrant elected Kenneth Napolitano to serve as a member of the Registrant's Board of Directors until the Registrant's 2024 Annual Meeting of Stockholders or until his successor has been duly elected and qualified. Mr. Napolitano was also appointed to serve as a member of the Governance and Sustainability Committee. Mr. Napolitano served as Senior Vice President and President of the Applied Water Systems and Americas Commercial Team of Xylem, Inc. from 2017 until his retirement in 2020, and as Senior Vice President and President of Applied Water Systems at Xylem from 2011 to 2017. Xylem is a global designer, manufacturer and equipment and service provider for water and wastewater applications which spun off from ITT Corporation in 2011. Prior to the spin-off, Mr. Napolitano held several management roles at ITT from 1998 to 2011, including President of Residential and Commercial Water, President of the Industrial Products Group, Vice

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View this 8-K filing on SEC EDGAR