Johnson Controls International offered two of its top executives an incentive to stay with the company as chief executive officer
George Oliver retires from his role.
Oliver announced last week that he would retire as CEO once the company names a successor. Oliver will remain chairman of the Johnson Controls board. Oliver's
planned retirement comes after Johnson Controls had "constructive dialogue" with New York-based Elliott Investment Management and a series of portfolio changes. In July, the company announced plans to sell its residential and light commercial HVAC business to Bosch Group
for a total consideration of $8.1 billion.
In a securities filing, the company disclosed it is providing special retention restricted share unit awards to
Marc Vandiepenbeeck and
Lei Schiltz. Vandiepenbeeck is chief financial officer and Schiltz is president of global products at JCI.
Both executives received restricted share units worth $2.75 million as of Aug. 2. The awards will vest after two years.
If the executives are involuntarily terminated not for cause over the next two years, their units would vest on a pro-rate basis based on the number of months that had passed.
If the executives retire, leave JCI voluntarily or are terminated for cause, they would forfeit the entire share award.
