United States Steel Corporation (NYSE:X) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Corporation) appointed Mr. Pipasu Soni as Interim Chief Financial
Officer of the Corporation, to serve while the Corporation
completes its search process for a permanent Chief Financial
Officer. Mr. Sonis appointment is effective immediately, and he
will assume the duties of the Corporations principal financial
officer until such time as his successor is appointed. Mr. Soni
currently serves as the Corporations Vice President – Finance.
Mr. Soni joined the Corporation in April, 2016. Prior to joining
the Corporation, Mr. Soni served as Vice President – Business
Analysis Planning at Pentair where he also held significant
positions in the areas of strategic planning and business
analysis since 2010.
Soni identified in Item 404(a) of Regulation S-K, other than
those related to compensation as an employee of the Corporation
and Mr. Soni has no familial relationships with executives or
directors of the Corporation.
receive compensation to certain plans provided by the
Corporation, including, an annual incentive compensation plan,
long-term incentive plan and health and benefit plans typically
available to other executive officers. A description of these
compensation plans can be found in the Corporations proxy
statement filed on Schedule 14A with the Securities and Exchange
Commission on March 14, 2017. These plans are also listed as
exhibits to the Annual Report on Form 10-K filed with the
Commission on February 28, 2017.
assumed the role of President Chief Executive Officer of the
Corporation. On May 31, 2017, the Compensation Organization
Committee of the Board of Directors of the Corporation approved
the following compensation package for Mr. Burritt associated
with his new position:
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Mr. Burritts base salary will be increased from $800,000 to
$1 million, effective May 8, 2017; |
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Mr. Burritts annual target award under the Corporations
annual incentive compensation plan was increased from 50% of base salary to 140% of his base salary; |
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Mr. Burritts target annual grant under the Corporations
long-term incentive plan was increased from $2,750,000 to $6,100,000; and |
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Mr. Burritt was awarded an additional $2,170,000 in
long-term incentive awards for 2017 with the same terms as the executive officer long-term incentive award grants made in February 2017. This award will be made as of May 31, 2017 and is composed of 20% stock options (vesting ratably over three years), 20% restricted stock units (vesting ratably over three years), 30% performance-based restricted stock units (based on total shareholder return over a three-year period) and 30% performance-based cash (based on return on capital employed over a three-year period). |
typically available to other executive officers. A description of
compensation plans and benefits can be found in the Corporations
proxy statement filed on Schedule 14A with the Securities and
Exchange Commission on March 14, 2017. These plans are also
listed as exhibits to the Annual Report on Form 10-K filed with
the Commission on February 28, 2017.
announcing the appointment of Pipasu Soni as Interim Chief
Financial Officer. The press release also detailed other
significant executive management changes. The full text of the
press release is filed herewith as Exhibit 99.1 and is
incorporated herein by reference.
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99.1
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Press Release dated June 1, 2017
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About United States Steel Corporation (NYSE:X)
United States Steel Corporation (U. S. Steel) is an integrated steel producer. The Company is engaged in producing flat-rolled and tubular products with production operations in North America and Europe. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular). The Flat-Rolled segment includes the operating results of U. S. Steel’s integrated steel plants and equity investees in the United States involved in the production of slabs, rounds, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States. The USSE segment includes the operating results of U. S. Steel Kosice (USSK), U. S. Steel’s integrated steel plant and coke production facilities in Slovakia. The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities, primarily in the United States, and equity investees in the United States and Brazil. United States Steel Corporation (NYSE:X) Recent Trading Information
United States Steel Corporation (NYSE:X) closed its last trading session down -0.44 at 20.41 with 30,145,928 shares trading hands.
