Business Context and Reporting Period
This Form 8-K was filed by PolyOne Corporation (now Avient Corp) on October 7, 2015. The report discloses a corporate governance change involving the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Board Expansion: The Board of Directors increased its size from ten to eleven members.
- New Director: William R. Jellison was elected to fill the vacancy.
- Committee Assignment: Mr. Jellison was named to the Audit Committee.
- Term: Mr. Jellison's initial term ends at the 2016 Annual Meeting of Shareholders.
Management Commentary and Risks
Background: Mr. Jellison, 57, served as Executive Vice President and CFO of Stryker Corporation since 2013 and previously as SVP and CFO of Dentsply International (2005-2013). He expects to retire from Stryker effective March 31, 2016.
Compensation and Agreements: As a non-employee director, Mr. Jellison will receive compensation consistent with other non-employee directors as disclosed in the April 3, 2015 proxy statement. The Company entered into a standard Indemnification Agreement with him.
Risks: No specific risks or contingencies were disclosed in this filing.
Investor Verification Checklist
- Verify the exact compensation structure for non-employee directors in the April 3, 2015 Schedule 14A proxy statement.
- Confirm the date of the 2016 Annual Meeting of Shareholders to determine the end of Mr. Jellison's initial term.
- Review the standard Indemnification Agreement form previously approved on July 5, 2006.