STEPAN COMPANY (NYSE:SCL) 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 April 10, 2018, Stepan Company (“Stepan”) announced that it had appointed Luis Rojo as Vice President and Chief Financial Officer.Mr. Rojo is expected to join Stepan on April 30, 2018.Mr.Rojo will succeed Matthew Eaken, who, as previously reported, is presently serving as interim Chief Financial Officer.
Mr. Rojo, age 45, has held various finance leadership positions globally with increasing responsibility during his 21 year career with Proctor & Gamble Co. (“P&G”), most recently serving as Global Hair Care Finance Director at P&G. Mr. Rojo’s assignments included positions in China and Latin America.
As Vice President and Chief Financial Officer, Mr. Rojo will receive an annual salary of $380,000.Mr.Rojo will be eligible to participate in Stepan’s short-term incentive compensation program, with a target annual incentive award of 60% of his base salary.Mr.Rojo will also be eligible to participate in Stepan’s long-term incentive compensation program; Stepan expects that Mr.Rojo will receive an initial grant of performance shares, stock options and stock appreciation rights in April 2018 with a total value of $500,000, subject to the approval of Stepan’s Board of Directors. The performance shares, stock options and stock appreciation rights are expected to have the same performance and vesting conditions as those awarded to other participants in Stepan’s long-term incentive compensation program.Additionally, Mr. Rojo will receive certain relocation benefits, will be entitled to certain perquisites available to executive officers and will be eligible for certain employee benefits generally available to all employees.
Mr. Rojo does not have any family relationships and has no material interest in any related party transactions that would require disclosure under Items 401(d) or 404(a) of Regulation S-K.
A copy of the press release regarding Mr. Rojo’s appointment is attached as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit Number:99.1
Description:Press Release of Stepan Company dated April 10, 2018
STEPAN CO ExhibitEX-99.1 2 scl-ex991_6.htm EX-99.1 scl-ex991_6.htm EXHIBIT 99.1 Stepan Announces Appointment of New VP and Chief Financial Officer NORTHFIELD,…To view the full exhibit click here
About STEPAN COMPANY (NYSE:SCL)
Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a variety of end products. The Company has three segments: Surfactants, Polymers and Specialty Products. The Company’s Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. The Company’s Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. The Company’s Specialty Products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications. Its markets include manufacturers of cleaning and washing compounds, paints, cosmetics, food, beverages, nutritional supplements, agricultural products, plastics, furniture, automotive equipment, insulation and refrigeration.
