Today, Franklin Electric Co., Inc. (NASDAQ:FELE) announced the appointment of Mr. Joseph Ruzynski as a director and Chief Executive Officer, effective immediately. This follows a previous announcement made on May 14, 2024, as per a form 8-K filed with the SEC.
Mr. Ruzynski's term as a director will extend until the company’s 2027 Annual Meeting of Shareholders. Notably, he will not receive additional compensation for his role on the board, aligning with the company's policy for executive directors.
In tandem with his CEO appointment, Mr. Ruzynski has entered into an employment security agreement with Franklin Electric. This agreement outlines benefits in the event of a change in control of the company.
Details of this agreement are consistent with the form of Employment Security Agreement outlined in the company's proxy statement filed on March 19, 2024, and as part of the company’s Annual Report on February 23, 2024.
The company’s filing also confirms that Mr. Gregg Sengstack has stepped down from the CEO position but will continue to serve as the Executive Chairperson.
Franklin Electric, based in Fort Wayne, Indiana, is a global leader in the production of systems and components for the movement of water and automotive fuels. This leadership transition occurs as the company continues to navigate the complex manufacturing sector.
The company has not disclosed any other arrangements or transactions involving Mr. Ruzynski that would require additional disclosure under SEC regulations.
This corporate update is based on the latest 8-K filing by Franklin Electric with the Securities and Exchange Commission.
In other recent news, Franklin Electric has reported a mixed performance in its Q1 results for 2024, with a 5% decrease in net sales compared to the previous year. Despite this, the company has improved gross margins and maintained effective cost control.
Franklin Electric continues to project full-year sales guidance of $2.1 billion to $2.17 billion and EPS guidance of $4.22 to $4.40. These recent developments also include the appointment of Joe Ruzynski as the new CEO of Franklin Electric, effective July 1, 2024. Ruzynski, who brings over 25 years of experience in the industrial and electrical sectors, is expected to join the company's Board of Directors.
The outgoing CEO, Gregg Sengstack, will assume the role of Executive Chairperson. Amid these changes, Franklin Electric remains committed to delivering superior solutions and services to its customers, creating long-term value for shareholders and employees.
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