CUMMINS INC. (NYSE:CMI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 10, 2019, Cummins Inc. (the “Company“) issued a press release announcing that Patrick J. Ward, the Company’s Vice President – Chief Financial Officer since 2008, announced his retirement from the Company, effective on March 31, 2019.
Mark A. Smith, age 51, the Company’s Vice President – Financial Operations since 2016, will become the Company’s Vice President – Chief Financial Officer on March 31, 2019. Prior to 2016, Mr. Smith served as the Company’s Vice President – Investor Relations and Business Planning and Analysis from 2014 to 2016 and the Company’s Executive Director – Investor Relations from 2011 to 2014.
In connection with his appointment, Mr. Smith’s base salary will be increased to $710,000 and his target annual bonus will be increased to 90% of base salary, in each case effective as of March 1, 2019. Mr. Smith is expected to receive a long-term incentive award in 2019 as part of the Company’s annual grant cycle and to continue to participate in the Company’s compensation programs for its executive officers, which are described in the Company’s Definitive Proxy Statement on Schedule 14A filed on March 26, 2018 and incorporated by reference herein.
Item 7.01Regulation FD Disclosure.
On January 10, 2019, the Company issued a press release announcing the retirement of Mr. Ward and the appointment of Mr. Smith.A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith.
EXHIBIT INDEX
CUMMINS INC Exhibit
EX-99 2 cmw33a.htm Contact: Jon Mills – Director,…
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About CUMMINS INC. (NYSE:CMI)
Cummins Inc. is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets. Its Distribution segment consists of various businesses, which service and/or distribute a range of its products and services, such as parts and filtration, power generation, engines and service. Its Components segment supplies products, including after treatment systems, turbochargers, filtration products and fuel systems for commercial diesel applications. The Power Generation segment provides power generation systems, components and services for a customer base, including power solutions and mobile power solutions.
