MERITOR, INC. (NYSE:MTOR) 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 March 20, 2018, the Compensation and Management Development Committee of the Board of Directors of Meritor, Inc. (the “Company”) approved an increase in the compensation to be paid to Kevin Nowlan in consideration of the increased responsibilities assumed in connection with his appointment as senior vice president and president, Trailer, Components and Chief Financial Officer. Effective April 1, 2018, Mr. Nowlan’s annual base salary will be increased to $600,000; his target bonus award for fiscal year 2018 under the Company’s Incentive Compensation Plan will remain at 75% of his annual base salary; and his target award for the three-year performance period of fiscal 2018 to 2020 established to the Company’s 2010 Long-Term Incentive Plan, as amended, will be $1,100,000.
About MERITOR, INC. (NYSE:MTOR)
Meritor, Inc. is a supplier of a range of integrated systems, modules and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation and industrial sectors. The Company’s segments include Commercial Truck & Industrial and Aftermarket & Trailer. The Commercial Truck & Industrial segment supplies drivetrain systems and components, including axles, drivelines and braking and suspension systems, for medium- and heavy-duty trucks, off-highway, military, construction, bus and coach, fire and emergency and other applications in North America, South America, Europe and Asia Pacific. The Commercial Truck & Industrial segment also includes the Company’s aftermarket businesses in Asia Pacific and South America. The Aftermarket & Trailer segment supplies axles, brakes, drivelines, suspension parts and other replacement and remanufactured parts to commercial vehicle aftermarket customers in North America and Europe.
