Regal Beloit Corporation (NYSE:RBC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 14, 2019, Regal Beloit Corporation (the Company) disclosed on a Form 8-K that (i) the Board of Directors of the Company (the Board>) elected Louis V. Pinkham to succeed Mark J. Gliebe as the Companys Chief Executive Officer, effective as of April 1, 2019, (ii) the Company expected that Mr. Pinkham would be elected by the Board to serve as a director of the Company following the Companys 2019 annual meeting of shareholders to be held April 30, 2019 (the Annual Meeting), and (iii) the Board acted to appoint Rakesh Sachdev, the former Presiding Director of the Board, to serve as Chairman of the Board effective following the Annual Meeting, subject to Mr. Sachdevs re-election by the shareholders at the Annual Meeting.
On April 30, 2019, following the Annual Meeting, the Board (i) elected Mr. Pinkham to serve as a director of the Company, effective immediately, with an initial term continuing until the 2020 annual meeting of shareholders (the 2020 Annual Meeting), and (ii) appointed Mr. Sachdev to serve as Chairman of the Board.
Effective with Mr. Pinkhams election, the Board, by resolution, changed its size to nine directors, with Mr. Pinkhams election filling the resulting vacancy.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On April 30, 2019, the Company held the Annual Meeting for the purposes of (i) electing eight directors for terms expiring at the 2020 Annual Meeting, (ii) holding a shareholder advisory vote on the compensation of the Companys named executive officers as disclosed in the Companys 2019 proxy statement, and (iii) ratifying the selection of Deloitte Touche LLP as the Companys independent registered public accounting firm for the year ending December 28, 2019.
As of the March 7, 2019 record date for the determination of the shareholders entitled to notice of, and to vote at, the Annual Meeting, 42,808,942 shares of the Companys common stock were outstanding and eligible to vote. A total of 40,713,675 shares were voted in person or by proxy at the Annual Meeting.
The following are the final votes on the matters presented for approval at the Annual Meeting:
Vote on the election of eight directors for terms expiring at the 2020 Annual Meeting:
Advisory vote on the compensation of the Companys named executive officers as disclosed in the Companys 2019 proxy statement:
Vote on the ratification of the selection of Deloitte Touche LLP as the Companys independent registered public accounting firm for the year ending December 28, 2019:
About Regal Beloit Corporation (NYSE:RBC)
Regal Beloit Corporation is a manufacturer of electric motors and controls, electric generators and controls, and power transmission products. The Company operates through three segments: Commercial and Industrial Systems, Climate Solutions and Power Transmission Solutions. Its Commercial and Industrial Systems segment produces medium and large motors, commercial and industrial equipment, generator and custom drives and systems serving commercial heating, ventilation and air conditioning (HVAC), and power and oil and gas systems. Its Climate Solutions segment produces small motors, controls and air moving solutions serving markets, including residential and light commercial HVAC, and commercial refrigeration. Its Power Transmission Solutions segment manufactures, sells and services belt and chain drives, helical and worm gearing, mounted and unmounted bearings, couplings, modular plastic belts, conveying chains and components, hydraulic pump drives and specialty mechanical products.
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