Incoming Rockwell Automation Inc. chief executive officer Blake Moret will get a 60 percent raise in his base salary when he is promoted on July 1.
Moret will have a base salary of $950,000 when he takes over for retiring CEO Keith Nosbusch. The Milwaukee-based industrial automation and information company announced the transition in April.
Moret currently serves as senior vice president for control products and solutions. He had a salary of $594,923 in 2015 and total compensation of almost $3 million.
Starting in July, Moret will also receive $595,000 in stock options and $105,000 in restricted stock. We will receive an additional 110 percent of his salary if he meets annual incentive targets set by the company.
The company also amended Moret’s change of control agreement to provide him with three times his annual salary and incentive compensation if there is a qualifying termination, instead of two times. The change is in line with the agreement Nosbusch currently has in place.
Nosbusch will receive an annual salary of $400,000 to stay on with the company and will no longer be part of annual incentive compensation plans. He had a base salary of $1.2 million in 2015 and total compensation of $8.6 million.
Rockwell also announced Kenneth Champa will be promoted to senior vice president for the control products and solutions segment. He was previously vice president of finance, control products and solutions and operations and engineering services. He has held finance and leadership roles with the company since joining in 1985.
Expanded proxy access
The board of directors also amended the company’s bylaws to allow shareholders access to the director nominees included in the proxy statement.
The company said “the board proactively adopted these amendments after careful consideration of proxy access trends and company discussions with some of its largest shareowners.”
“Good governance is an important part of our corporate culture,” said Donald Parfet, lead independent director. “We value the views of our shareowners and consider their feedback when establishing and evaluating appropriate policies and practices. We decided to adopt contemporary proxy access provisions in our bylaws as we evolve Rockwell Automation’s governance practices.”
Under the amendments, a shareowner or a group of up to 20 shareowners owning at least three percent of Rockwell Automation’s outstanding common stock continuously for three or more years may submit director nominees for up to 20 percent of the board.