FLOWSERVE CORPORATION (NYSE:FLS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Appointment of Principal Financial Officer
On September21, 2017, Flowserve Corporation (the “Company”) announced that Lee Eckert has been named as the Company’s Senior Vice President and Chief Financial Officer, effective October9, 2017. Mr.Eckert is currently serving as Senior Vice President and Chief Financial Officer of CHC Group LLC, a global commercial helicopter service provider to the offshore oil and gas industry (“CHC”).
Mr.Eckert, 50, has served as Senior Vice President and Chief Financial Officer of CHC since July 2015. He previously served as Senior Vice President of Finance and CFO Designate of CHC since May 2015. Before joining CHC, Mr.Eckert served as chief financial officer of the U.S. division of National Grid Plc. from June 2011 to September 2014, and, from June 2006 to June 2011, Mr.Eckert served in various executive capacities at MeadWestvaco Corporation, including as Vice President, Operations, Healthcare from November 2010 to June 2011, and chief financial officer, packaging resource group from June 2006 to October 2010.
In his role with the Company, Mr.Eckert will receive an annual base salary of $550,000. He will be eligible for a cash award under the Company’s annual incentive plan with a target award of 75% of base salary, and he will participate in the Company’s long term incentive program with a target award of $1,500,000. In addition, Mr.Eckert will receive a cash sign-on bonus of $150,000, which is subject to repayment if he does not remain employed by the Company for one year, and will be granted a one-time award of 17,500 restricted stock units, which is subject to a three-year cliff vesting period. Mr.Eckert will also receive retirement, health and welfare and other benefits and will participate in plans generally available to other executive officers of the Company. Further details concerning the Company’s executive compensation program are described in the Company’s definitive proxy statement dated April7, 2017, under the heading “Executive Compensation”.
Mr.Eckert has no family relationships with any director or executive officer of the Company, and there are no arrangements or understandings with any person to which he will be selected as an officer of the Company. In addition, there have been no transactions directly or indirectly involving Mr.Eckert that would be required to be disclosed to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934.
A copy of the press release issued by the Company announcing Mr.Eckert’s selection is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
|Item 5.02||Financial Statements and Exhibits.|
|99.1||Press release, dated September21, 2017|
FLOWSERVE CORP ExhibitEX-99.1 2 d455810dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE Flowserve Announces the Appointment of Lee Eckert as Chief Financial Officer Experienced financial leader brings strong background in operational and manufacturing finance DALLAS–(BUSINESS WIRE)–Sep. 21,…To view the full exhibit click
About FLOWSERVE CORPORATION (NYSE:FLS)
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment. Its IPD designs, manufactures, distributes and services pre-configured engineered pumps and pump systems, including submersible motors, for industrial markets. Its FCD designs, manufactures, distributes and services a portfolio of industrial valve and automation solutions, including isolation and control valves, actuation, controls and related equipment. Its product portfolio of pumps, valves, seals, automation and aftermarket services support infrastructure industries, including oil and gas, chemical, power generation and water management.