DOVER Corp Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by DOVER Corporation on June 8, 2009. The filing primarily addresses significant changes in executive leadership and associated compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details:
- Brad M. Cerepak (New CFO): Annual salary of $525,000; target annual bonus of 80% of salary; one-time grant of Stock Set-Aside Rights (SSARs) equal to two times annual salary divided by the closing market price on June 8, 2009.
- David J. Ropp (Retiring CEO, Dover Industrial Products): Retirement bonus of $1,416,250.
Material Changes
The following personnel changes were announced effective June 8, 2009, or shortly thereafter:
- Robert G. Kuhbach: Retiring as Chief Financial Officer (effective July 31, 2009) and stepping down as Vice President, Finance (effective June 8, 2009). He will remain as a Vice President in a senior advisory capacity.
- Brad M. Cerepak: Hired to replace Mr. Kuhbach as CFO and Vice President, Finance.
- David J. Ropp: Retiring as CEO of Dover Industrial Products, Inc. effective July 10, 2009, after 11 years of service.
- Tom Giacomini: Promoted to President and CEO of Dover Industrial Products, Inc. upon Mr. Ropp's retirement.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. It is a disclosure of corporate governance events and executive compensation.
Key Facts for Investor Verification
- Verify the exact closing market price of DOVER stock on June 8, 2009, to calculate the specific share count for Mr. Cerepak's SSAR grant.
- Confirm the transition timeline for Mr. Kuhbach's advisory role and Mr. Cerepak's full assumption of duties.
- Review the impact of the leadership change at Dover Industrial Products, Inc. on that segment's operations.