Filing Summary
Business context and reporting period
Hyster-Yale, Inc. filed this Form 8-K on October 15, 2026, reporting an executive appointment made October 14. The filing concerns a CFO transition; it does not report quarterly or annual operating results.
Appointment and transition
- The Board appointed Matthew Cornell Senior Vice President and Chief Financial Officer, effective November 1, 2026.
- CEO Rajiv K. Prasad will remain principal financial officer until the company files its Form 10-Q for the quarter ended September 30, 2026. Cornell is expected to assume the principal financial officer role on November 4, 2026.
- Cornell previously held senior roles at Stanley Black & Decker, including President and General Manager of Specialty Tools & Storage Solutions and CFO of its Industrial Segment.
Compensation terms
- Initial base salary: $605,000 per year.
- Annual incentive target: 60% of the role’s 2026 salary midpoint of $626,800; payout may range from 0% to 150% based on performance. The 2026 award will be prorated based on hire date.
- Annual long-term incentive target: 90% of the $626,800 salary midpoint, with a 15% uplift under plan terms; payout may range from 0% to 200% based on performance. Payment is 65% in transfer-restricted shares and 35% in cash. The 2026 award will be prorated.
- Other disclosed compensation includes a $75,000 sign-on bonus, a one-time award of 3,500 shares plus cash equal to 35% of the award’s total value, and a $20,000 annual perquisite allowance. Relocation and tax assistance, standard benefits, and customary employment terms also apply.
Financial performance, outlook, and risks
The filing provides no revenue, profit, cash flow, margin, debt, or liquidity figures, and no business guidance or outlook. It describes no material contingencies or unusual operating items. Relocation and tax assistance benefits are subject to repayment requirements if Cornell resigns within his first two years; the sign-on bonus’s $45,000 installment is conditioned on completing relocation before August 1, 2027.
Investor facts to verify
- Confirm the Q3 2026 Form 10-Q filing date and the resulting principal financial officer transition date.
- Review the company’s proxy and compensation disclosures for the actual incentive awards, performance outcomes, and equity award valuation.
- Check subsequent filings for any changes to Cornell’s appointment, compensation terms, or transition timing.