Results
PPG Industries Inc.
10/24/2024 | Press release | Distributed by Public on 10/24/2024 14:31
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. |
As previously reported, Ramaprasad Vadlamannati, has elected to retire as Senior Vice President, Operations of PPG Industries, Inc. (the "Company") and stepped down as Senior Vice President, Operations effective October 1, 2024.
In connection with his retirement, the Company and Mr. Vadlamannati have entered into a Separation Agreement pursuant to which Mr. Vadlamannati will remain actively employed through December 31, 2024. He then will be placed on an unpaid leave of absence from the Company from January 1, 2025 through December 31, 2025. He will receive a separation payment of $102,000, payable in three equal installments. He also will be eligible to receive an annual cash bonus in February 2025 for performance in 2024. Mr. Vadlamannati's previously awarded stock options, restricted stock units and total shareholder return contingent shares will vest in accordance with their terms. The Company has agreed to continue to make available to Mr. Vadlamannati financial counseling services and to provide him with specified tax preparation and tax consulting services.