Business Context and Reporting Period
This Form 8-K Current Report was filed by Mueller Water Products, Inc. on December 3, 2007, covering events reported as of December 7, 2007. The filing addresses significant changes in the company's executive leadership within the finance department.
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 appointments and departures rather than financial performance data.
Material Changes
The primary material change reported is a reorganization of the finance department involving the following personnel actions:
- Appointment: Evan L. Hart was appointed Vice President and Controller, effective December 7, 2007. He previously served as Vice President, Financial Planning and Analysis since September 2006.
- Departure: Jeffery W. Sprick, the former Senior Vice President and Chief Accounting Officer, left the company on December 3, 2007.
Management Commentary and Compensation Details
Management has offered Mr. Sprick a consulting arrangement regarding accounting and financial reporting matters following his departure. The filing details the compensation package for the newly appointed Mr. Hart:
- Base Salary: Approximately $205,000 per year.
- Bonus Plan: Target of 40% of base salary, with actual payment ranging from 0% to 200% of target.
- Equity: Eligibility for annual awards under the Long-Term Incentive Plan.
- Termination Benefits: Twelve months of salary continuance (base and target bonus) in the event of termination other than for cause.
- Vacation: Three weeks annual vacation.
Investor Verification Checklist
- Verify the effective date of Evan L. Hart's new role as Vice President and Controller.
- Confirm the terms of the consulting arrangement offered to departing executive Jeffery W. Sprick.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.