Business Context and Reporting Period
This Form 8-K Current Report was filed by Air Products & Chemicals, Inc. on October 3, 2023. The filing addresses Item 5.02 regarding the departure of a Principal Accounting Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive personnel changes and associated compensation.
Material Changes
- Departure: Jeffrey J. Kutz, Vice President, Corporate Controller and Principal Accounting Officer, will retire effective December 18, 2023.
- Appointment: William J. Pellicciotti will join as Controller and Chief Accounting Officer on October 25, 2023, succeeding Mr. Kutz as Principal Accounting Officer upon Mr. Kutz's retirement.
Management Commentary and Compensation Details
Mr. Pellicciotti, age 44, brings experience from Advance Auto Parts, The Kraft Heinz Company, and Colgate-Palmolive. His compensation package includes:
- Salary, bonus, and equity awards consistent with his seniority.
- A new hire bonus of $200,000.
- A restricted stock unit (RSU) award with a grant date value of $250,000 vesting after two years.
- A restricted stock unit (RSU) award with a grant date value of $325,000 vesting after three years.
- A retention bonus of $250,000 payable after his first anniversary, contingent on continued service.
- Standard health, welfare, and retirement benefits.
The filing states there are no related party transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Confirm the effective date of Mr. Kutz's retirement (December 18, 2023) and Mr. Pellicciotti's start date (October 25, 2023).
- Verify the vesting schedules and grant date values of the RSU awards totaling $575,000.
- Review the retention bonus conditions tied to the first anniversary of employment.
- Check for any subsequent filings regarding the transition of the Principal Accounting Officer role.