Donaldson Co. Inc.
10/29/2024 | Press release | Distributed by Public on 10/29/2024 14:27
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 29, 2024, Donaldson Company, Inc. (the "Company") announced the appointment of Brad Pogalz as the Company's Chief Financial Officer, effective November 1, 2024. Mr. Pogalz succeeds Scott Robinson, who, on October 25, 2024, gave notice of his retirement from the Company, resigning from the office of Chief Financial Officer effective at the close of business on October 31, 2024, and retiring from his employment effective at the close of business on December 6, 2024.
Brad Pogalz, age 49, currently serves as the Company's Vice President Finance - Global FP&A, EMEA Finance, a position he has held since November 2022. Prior to this, Mr. Pogalz served as the Company's Finance Director - Europe, Middle East and Africa from December 2020 to April 2023, and Director of Investor Relations from March 2015 to December 2020.
The Company's executive compensation program elements applicable to Mr. Pogalz in his executive officer role are described in the Compensation, Discussion and Analysis ("CD&A") section of the Company's Proxy Statement for its 2024 Annual Meeting of Stockholders filed with the SEC on October 2, 2024, and include: Base Salary, Annual Cash Incentive, Long-Term Equity (includes Stock Options and Performance Stock Units), Benefits, and participation in the Management Change in Control Severance Plan (the "CIC Plan"). Upon commencing his service as Chief Financial Officer, Mr. Pogalz's annual base salary will be $500,000, his annual cash incentive target opportunity as a percentage of his base salary will be 60% (with the payout for fiscal 2025 pro-rated based on the positions he held during the year) and his long-term incentive awards for fiscal 2025 will include a performance stock unit with a grant date fair value at target of $337,500 and a non-qualified stock option with a grant date fair value of $212,436, each reflecting a pro-rated value for the balance of the fiscal year and taking into consideration a non-qualified stock option he recently received in fiscal 2025. He will also be eligible for the other benefits and perquisites for executive officers described in the CD&A.
During the transition period until his retirement from the Company, Mr. Robinson will continue to receive his current base salary of $625,000 and, per the terms of the annual cash incentive plan, will be entitled to a pro-rated payout of his annual cash incentive award, with a target of 75% of base salary, for fiscal 2025.