Phinia Inc. Appoints New CFO, Announces Compensation

TL;DR

Phinia Inc. names new CFO, Jeffrey Jones, with $450K salary, stock grants, and signing bonus.

AI Summary

On June 19, 2024, PHINIA INC. announced the appointment of Jeffrey L. N. Jones as its new Chief Financial Officer, effective June 24, 2024. Jones will receive an annual base salary of $450,000 and is eligible for a discretionary annual bonus. He will also be granted 100,000 restricted stock units, vesting over three years, and will receive a $50,000 signing bonus.

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

Key Numbers

• $450,000 — CFO Annual Salary (Base compensation for new CFO Jeffrey Jones.)
• 100,000 — RSUs Granted (Stock incentive for new CFO, vesting over three years.)
• $50,000 — Signing Bonus (One-time payment to new CFO upon commencement.)

Key Players & Entities

• PHINIA INC. (company) — Registrant
• Jeffrey L. N. Jones (person) — Appointed Chief Financial Officer
• $450,000 (dollar_amount) — Annual base salary for new CFO
• 100,000 (dollar_amount) — Restricted stock units granted to new CFO
• $50,000 (dollar_amount) — Signing bonus for new CFO
• June 19, 2024 (date) — Date of report
• June 24, 2024 (date) — Effective date for new CFO

FAQ

From the Filing

0001628280-24-029695.txt : 20240625 0001628280-24-029695.hdr.sgml : 20240625 20240625080201 ACCESSION NUMBER: 0001628280-24-029695 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240619 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240625 DATE AS OF CHANGE: 20240625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHINIA INC. CENTRAL INDEX KEY: 0001968915 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] 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: 001-41708 FILM NUMBER: 241066183 BUSINESS ADDRESS: STREET 1: 3000 UNIVERSITY DRIVE CITY: AUBURN HILLS STATE: MI ZIP: 48326 BUSINESS PHONE: 248-732-1900 MAIL ADDRESS: STREET 1: 3000 UNIVERSITY DRIVE CITY: AUBURN HILLS STATE: MI ZIP: 48326 8-K 1 phin-20240619.htm 8-K phin-20240619 0001968915 FALSE 0001968915 2024-06-19 2024-06-19 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): June 19, 2024 PHINIA INC. ________________________________________________ (Exact name of registrant as specified in its charter) Delaware 001-41708 92-2483604 State or other jurisdiction of Commission File No. (I.R.S. Employer Incorporation or organization Identification No.) 3000 University Drive Auburn Hills, Michigan 48326 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 248 ) 732-1900 (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: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o 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 PHIN 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 o 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. o   Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of     Certain Officers; Compensatory Arrangements of Certain Officers On June 19, 2024, the Board of Directors (the “Board”) of PHINIA Inc. (the “Company”) increased the size of the Board from seven to eight members and elected Meggan M. Walsh to fill the resulting vacancy, each effective July 1, 2024 (the “Effective Date”). The Board has affirmatively determined that Ms. Walsh, age 60, is an independent director under New York Stock Exchange listing standards and the Company’s independence requirements, as set forth in its Corporate Governance Guidelines. There are no arrangements or understandings between Ms. Walsh and any other person pursuant to which she was selected as a director,