Business Context and Reporting Period
This Form 8-K is a current report filed by Crane Co. (not Crane NXT, Co.) on December 5, 2006, regarding events occurring on December 4, 2006. The filing addresses corporate governance changes specifically related to 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 statements or performance data.
Material Changes
The primary material change reported is the election of a new Director:
- Philip R. Lochner, Jr. was elected to the Board of Directors on December 4, 2006.
- His term is set to end at the 2007 Annual Meeting of Shareholders.
- Mr. Lochner previously served as Senior Vice President and Chief Administrative Officer at Time Warner Inc. until his retirement in 1998.
Compensation and Governance Details
In connection with his election, Mr. Lochner received the following compensation under the Non-Employee Director Stock Compensation Plan:
- Restricted Shares: 352 shares of Crane Co. common stock.
- Stock Options: Options to purchase 833 shares at an exercise price of $38.47 per share.
Mr. Lochner currently serves on the boards of Adelphia Communications Corporation, Apria Healthcare Group Inc., CLARCOR Inc., CMS Energy Corporation, and Solutia Inc.
Investor Verification Checklist
- Verify the exact name of the registrant is Crane Co., not Crane NXT, Co.
- Confirm the exercise price of $38.47 for the granted stock options.
- Review the attached press release (Exhibit 99.1) for additional context on the board election.
- Note that no financial data or guidance is included in this specific filing.