Business Context and Reporting Period
This Form 8-K Current Report was filed by Gates Industrial Corporation plc on June 17, 2024. The filing reports a specific corporate governance event: the appointment of a new Senior Vice President and Chief Accounting Officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of John Patouhas as Senior Vice President and Chief Accounting Officer, effective June 17, 2024. Mr. Patouhas assumes the responsibilities of the principal accounting officer from L. Brooks Mallard, who remains Executive Vice President, Chief Financial Officer, and principal financial officer.
Management Commentary and Compensation Details
The filing details the compensatory arrangements for Mr. Patouhas as follows:
- Base Salary: $440,000 annually.
- Annual Bonus: Target opportunity of 55% of base salary (not prorated for 2024).
- Long-Term Incentives: Eligible for the Gates Corporation Long-Term Incentive Plan with an annual target of 70% of base salary, effective with the first grant cycle following employment.
- Equity Grant: One-time grant of 10,000 restricted stock units on the Effective Date.
- Other Benefits: Relocation assistance and participation in executive severance plans and other senior management benefits.
Mr. Patouhas brings prior experience as Chief Accounting Officer at Tenneco (2015–2024) and Federal-Mogul (2015–2018), along with extensive background in automotive and engineering sectors.
Investor Verification Checklist
- Verify the effective date of the leadership transition (June 17, 2024).
- Confirm the total potential annual compensation package (base, bonus, and long-term incentives).
- Review the specific terms of the 10,000 restricted stock unit grant.
- Check for any related party transactions or family relationships disclosed in the filing (none reported).