ENPRO INDUSTRIES, INC. (NYSE:NPO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 24, 2017, the Board of Directors of EnPro Industries, Inc. (the “Company” or “EnPro”) appointed Marvin A. Riley as EnPro’s Chief Operating Officer. Prior to this appointment, Mr. Riley, age 43, served as President of the Company’s Fairbanks Morse division since May 2012. Prior to that Mr. Riley served as Vice President, Manufacturing, of EnPro since December 2011. Mr. Riley served as Vice President Global Operations of the Company’s GGB division from November 2009 until November 2011 and as Vice President Operations Americas, GGB division, from July 2007 until November 2011. Prior to joining EnPro, he was an executive with General Motors Vehicle Manufacturing and held multiple positions of increasing responsibility from 1997 to 2007 within General Motors.
In connection with his appointment as Chief Operating Officer, Mr. Riley’s annual salary rate was increased to $360,000, his annual incentive performance plan award was adjusted for the remainder of 2017 to establish a target based on 70% of his prorated salary for 2017 with corporate-level performance objectives, he was awarded restricted stock units for 4,000 shares of EnPro common stock which, subject to continued employment, vest three years after the date of grant provided that by December31, 2018 he relocate his permanent residence to the Charlotte, North Carolina area, and he became entitled to receive corporate executive relocation benefits, including:
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reimbursement for temporary living arrangements for up to 60 days; |
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reimbursement of travel expenses for return trips home every other weekend if needed during the temporary living period; |
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assistance in purchasing a new home; |
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assistance in marketing or selling his present home; |
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reimbursement for moving expenses of household goods and automobiles; and |
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a relocation bonus of $8,000. |
About ENPRO INDUSTRIES, INC. (NYSE:NPO)
EnPro Industries, Inc. (EnPro) is engaged in the designing, developing, manufacturing, and marketing engineered industrial products. The Company operates through three segments: Sealing Products, Engineered Products and Power Systems. Its Sealing Products segment designs, manufactures and sells sealing products, including metallic, non-metallic and composite material gaskets, resilient metal seals, elastomeric seals, hydraulic components, expansion joints and casing end seals. Its Engineered Products segment includes its bearings, aluminum blocks for hydraulic applications and reciprocating compressor components. Its Engineered Products segment includes operations that design, manufacture and sell self-lubricating, non-rolling, metal-polymer, and solid polymer and filament wound bearing products. Its Power Systems segment designs, manufactures, sells and services heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines.