Textron Inc. Files 8-K on Director Changes and Compensation
Ticker: TXT · Form: 8-K · Filed: 2024-10-23T00:00:00.000Z
Sentiment: neutral
Topics: corporate-governance, executive-compensation, board-of-directors
Related Tickers: TXT
TL;DR
Textron's 8-K: New directors elected, exec pay details updated. Governance changes incoming.
AI Summary
On October 23, 2024, Textron Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing includes information regarding the election of new directors and the appointment of certain officers, along with details on their compensatory arrangements. This report is a standard disclosure for significant corporate governance events.
Why It Matters
This filing provides insight into the leadership structure and executive compensation policies of Textron Inc., which can influence investor confidence and the company's strategic direction.
Risk Assessment
Risk Level: low — This filing is a routine disclosure of corporate governance and executive compensation changes, not indicating any immediate financial distress or significant operational shifts.
Key Players & Entities
- TEXTRON INC. (company) — Registrant
- October 23, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of Incorporation
- 40 Westminster Street, Providence, Rhode Island 02903 (address) — Principal executive offices
FAQ
What specific items are covered in this 8-K filing by Textron Inc.?
This 8-K filing covers the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
When was the earliest event reported in this filing?
The earliest event reported in this filing was on October 23, 2024.
What is Textron Inc.'s state of incorporation and principal executive office address?
Textron Inc. is incorporated in Delaware and its principal executive offices are located at 40 Westminster Street, Providence, Rhode Island 02903.
What is the Commission File Number for Textron Inc.'s 8-K filing?
The Commission File Number for Textron Inc.'s 8-K filing is 1-5480.
What is Textron Inc.'s IRS Employer Identification Number?
Textron Inc.'s IRS Employer Identification Number is 05-0315468.
Filing Stats: 694 words · 3 min read · ~2 pages · Grade level 12.2 · Accepted 2024-10-23 16:33:37
Key Financial Figures
- $0.125 — h registered Common Stock – par value $0.125 TXT New York Stock Exchange Check t
- $850,000 — ial Officer of an annual base salary of $850,000 and target annual incentive compensatio
Filing Documents
- e24423-txt_8k.htm (8-K) — 28KB
- e24423_ex99-1.htm (EX-99.1) — 5KB
- 0001552781-24-000573.txt ( ) — 203KB
- txt-20241023.xsd (EX-101.SCH) — 3KB
- txt-20241023_lab.xml (EX-101.LAB) — 33KB
- txt-20241023_pre.xml (EX-101.PRE) — 22KB
- e24423-txt_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) (c) On October 23, 2024, Textron Inc. (the "Company") issued a press release announcing certain leadership changes. The Company announced that Frank T. Connor, Executive Vice President and Chief Financial Officer, will be retiring from the Company effective February 28, 2025. The Company further announced that David Rosenberg, currently the Company's Vice President – Investor Relations, has been appointed Executive Vice President and Chief Financial Officer to succeed Mr. Connor, effective March 1, 2025. Mr. Rosenberg, 48, Textron's Vice President, Investor Relations, has more than 24 years of experience in the aviation industry. Prior to his current role, he served as Senior Vice President & Chief Financial Officer of Textron Aviation from 2018 through 2023, having previously held leadership positions in finance at Textron Aviation. Following Textron's acquisition of Beechcraft in 2014, as Textron Aviation's Vice President, Integration & Strategy, Mr. Rosenberg led the successful merger and integration of Beechcraft and Textron's Cessna Aircraft business, which created today's Textron Aviation segment. Prior to Textron's acquisition of Beechcraft, Mr. Rosenberg held a series of leadership positions in financial planning, business management, strategic planning and operations with Beechcraft and its predecessor companies. Mr. Rosenberg has entered into a letter agreement with Textron which provides compensation for his new role as Executive Vice President and Chief Financial Officer of an annual base salary of $850,000 and target annual incentive compensation of 100% of his base salary, effective March 1, 2025. Mr. Rosenberg will also be eligible to participate in the Company's long-term incentive compensation program for executive officers, with a target award of 250% of his base salary, and in Textro
01 Exhibits
Item 9.01 Exhibits. 99.1 Press release dated October 23, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. TEXTRON INC. By: /s/ E. Robert Lupone E. Robert Lupone Executive Vice President, General Counsel And Secretary Date: October 23, 2024