UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of report: February 21, 2020
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
of incorporation) | Identification No.) | |||
(Address of principal executive offices, including zip code)
(847 ) 498-7070
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||||||||
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 21, 2020, IDEX Corporation (the “Company”) appointed Eric D. Ashleman to serve as the Company’s President, effective February 21, 2020. Mr. Ashleman will continue to serve as Chief Operating Officer. He succeeds Andy Silvernail, Chairman and Chief Executive Officer, who retains those two positions.
Mr. Ashleman, 53, joined the Company in March 2008 and was appointed Chief Operating Officer in July 2015. Prior to his promotion to Chief Operating Officer, Mr. Ashleman held the position of Senior Vice President and Group Executive leading the Company’s Health & Science Technologies and Fire & Safety/Diversified Products business segments. His experience prior to joining the Company included positions of increasing management responsibility at AlliedSignal, Honeywell, and Danaher Corporation. Mr. Ashleman holds a BA and MBA from the University of Michigan.
In connection with his additional role as President, Mr. Ashleman will receive a base salary of $675,000, his target bonus under the Company’s Management Incentive Compensation Plan will be $607,500, and he will be eligible for annual equity awards under the IDEX Corporation Incentive Award Plan at target of $1,750,000.
Mr. Ashleman does not have any family relationship with any director or other executive officer of the Company, and there are no transactions in which Mr. Ashleman has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Item 7.01. Regulation FD Disclosure.
On February 24, 2020, the Company issued a press release announcing Mr. Ashleman’s appointment as President. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a) Exhibits
99.1 Press release dated February 24, 2020
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IDEX CORPORATION | ||
By: | /s/ WILLIAM K. GROGAN | |
William K. Grogan | ||
Senior Vice President and Chief Financial Officer | ||
February 25, 2020 | ||
EXHBIT INDEX
Exhibit Number | Description | |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |
EX 99.1
IDEX Chief Operating Officer Eric Ashleman Named President
February 24, 2020 - LAKE FOREST, ILLINOIS - The IDEX Corporation (NYSE:IEX) Board of Directors voted February 21 to award Chief Operating Officer (COO) Eric Ashleman the additional title of President. The title had been held by Chairman and Chief Executive Officer Andy Silvernail, who retains those two positions.
The addition of the title President reflects Ashleman’s continued development as a senior leader and the impact he has on the organization. Ashleman has been COO for five years, during which time he has been an integral part of the IDEX’s success, including his role in developing the company’s distinct culture, business model and strategy. This decision is part of the Board of Director’s disciplined approach to long-term executive development and succession planning.
“Eric’s leadership and vision have been instrumental to the success of our company. He has been on the forefront of our unique approach to building an extraordinary enterprise that delivers excellence for our customers, shareholders, team, and community,” Silvernail said.
Ashleman and Silvernail have worked together at IDEX for more than a decade and IDEX has thrived under their partnership, posting significant growth in sales, margin, earnings, and return on capital. Since Ashleman became COO in July 2015, Total Shareholder Return for IDEX has increased 138 percent, more than double the return for the S&P 500 over that same period of time.
About IDEX
IDEX is a global fluidics leader serving high growth specialized markets. We are best known for our expertise in highly engineered fluidics systems and components, as well as for our expertise in fire and safety products including the Jaws of Life® family of rescue and recovery tools. Our products touch lives every day. Whether it’s a life-saving rescue operation, dispensing fresh juice to a first grader or fueling aircraft, IDEX is a leader in creating enabling technology used in many of the most common everyday activities. For more information, please visit www.idexcorp.com. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX.”
Investor Contact
IDEX Corporation
William K. Grogan
Senior Vice President and Chief Financial Officer
+1 847-498-7070
wgrogan@idexcorp.com
Media Contact
IDEX Corporation
Mark Spencer
+1 847-457-3793
mdspencer@idexcorp.com