Business Context and Reporting Period
This Form 8-K filing by GrafTech International Ltd. reports a corporate governance event effective September 6, 2013. The report details the appointment of a new senior executive officer.
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 compensation arrangements.
Material Changes
The primary material change is the appointment of Erick R. Asmussen as Vice President and Chief Financial Officer, effective September 6, 2013. Mr. Asmussen previously served as Vice President of Strategy, Planning and Corporate Development since May 2005 and has been with the company since 1999.
Management Commentary and Compensation
- Base Salary: $375,000 annually.
- Annual Incentive Plan: Target amount equal to 65% of base salary.
- Long-Term Incentive Plan: Target amount equal to 150% of base salary.
- Other Benefits: Eligible for the Deferred Compensation Plan, Savings Plan, and standard Indemnification and Executive Severance Compensation Agreements.
- Conditions: Actual payouts under incentive plans are subject to the attainment of applicable performance targets.
Management confirmed there are no family relationships between Mr. Asmussen and other directors or officers, and no undisclosed arrangements regarding his appointment.
Investor Verification Checklist
- Verify the effective date of the CFO transition (September 6, 2013).
- Confirm the total potential compensation package structure (Base + 65% Bonus + 150% LTIP).
- Review the specific performance targets required to achieve the bonus and long-term incentive payouts.
- Check for any subsequent filings regarding the departure of the previous CFO.