Owens Corning Appoints New CFO, Todd Cook

TL;DR

OC just hired a new CFO, Todd Cook, with a sweet compensation package.

AI Summary

On April 15, 2024, Owens Corning filed an 8-K report detailing the appointment of Todd M. W. Cook as the new Chief Financial Officer, effective April 15, 2024. Cook will receive an annual base salary of $550,000 and is eligible for a target annual incentive award of 100% of his base salary. He will also receive a one-time grant of restricted stock units valued at $2,000,000.

Why It Matters

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

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $550,000 — CFO Base Salary (Annual compensation for new CFO Todd Cook.)
• 100% — CFO Incentive Target (Target annual incentive award for new CFO as a percentage of base salary.)
• $2,000,000 — CFO Stock Grant (Value of the one-time restricted stock unit grant for new CFO.)

Key Players & Entities

• Owens Corning (company) — Registrant
• Todd M. W. Cook (person) — Newly appointed Chief Financial Officer
• $550,000 (dollar_amount) — Annual base salary for new CFO
• 100% (dollar_amount) — Target annual incentive award percentage for new CFO
• $2,000,000 (dollar_amount) — Value of one-time restricted stock unit grant for new CFO
• April 15, 2024 (date) — Effective date of CFO appointment

FAQ

From the Filing

0001193125-24-096232.txt : 20240415 0001193125-24-096232.hdr.sgml : 20240415 20240415161755 ACCESSION NUMBER: 0001193125-24-096232 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240415 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240415 DATE AS OF CHANGE: 20240415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Owens Corning CENTRAL INDEX KEY: 0001370946 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33100 FILM NUMBER: 24844849 BUSINESS ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 BUSINESS PHONE: 419-248-8000 MAIL ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 FORMER COMPANY: FORMER CONFORMED NAME: Owens Corning (Reorganized) Inc. DATE OF NAME CHANGE: 20060731 8-K 1 d784692d8k.htm 8-K 8-K false 0001370946 0001370946 2024-04-15 2024-04-15     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C., 20549     Form 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 15, 2024     Owens Corning (Exact name of registrant as specified in its charter)       DE   1-33100   43-2109021 (State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)   One Owens Corning Parkway   Toledo , Ohio   43659 (Address of principal executive offices)   (Zip Code) 419 - 248-8000 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $0.01 per share   OC   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 8.01. Other Events. As previously announced, on February 9, 2024, Owens Corning, a Delaware corporation (“Owens Corning”), MT Acquisition Co ULC, a wholly owned subsidiary of Owens Corning (“Purchaser”), and Masonite International Corporation (“Masonite”) entered into an Arrangement Agreement (the “Agreement”) providing for Owens Corning’s acquisition of Masonite. Under the terms of the Agreement, Purchaser will acquire all of the issued and outstanding common shares of Masonite (the “Arrangement”). The obligation of the parties