Ati Inc 8-K, filed Oct 21, 2021
Ati Inc (ATI)
About this 8-K
Ati Inc filed this 8-K on October 21, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On October 21, 2021, Allegheny Technologies Incorporated (the “Company”) announced that Kimberly A. Fields, currently Executive Vice President for both of the Company’s business segments, has been appointed to serve as the Company’s Executive Vice President and Chief Operating Officer, effective as of January 1, 2022.
Ms. Fields, age 51, joined ATI in April 2019 as Executive Vice President for the Company’s Advanced Alloys & Solutions segment and assumed leadership of the Company’s other business segment, High Performance Materials & Components, in December 2020. Prior to joining ATI, she served as Group President at IDEX Corporation since 2015. Previously, Ms. Fields served as Executive Vice President for the integrated global steel producer EVRAZ, as General Manager of Industrials for GE Energy, with global responsibility for growing GE’s penetration in metals, petrochemicals and mining segments, and in a series of leadership positions with Alcoa, Inc., The Boston Consulting Group and Owens Corning Fiberglass. Ms. Fields is a member of the Board of Directors of Silgan Holdings, a supplier of rigid packaging for shelf-stable food and other consumer goods products.
In her role as Executive Vice President and Chief Operating Officer, Ms. Fields’ base annual salary will be $660,000, and she will have a 2022 target award opportunity under the Company’s Annual Incentive Plan equal to 100% of her base salary. Additionally, Ms. Fields will continue to participate in the Company’s Long-Term Incentive Plan, with a 2022 award having a grant-date fair market value at least equal to 250% of her base salary, comprised of both performance-vested restricted stock units and time-vested restricted stock units. Ms. Fields will continue to be eligible to participate in the Company’s other benefit programs.
The Company issued a press release (the “Press Release”) on October 21, 2021 regarding these matters. The Press Release is set forth in its entirety and attached as Exhibit 99.1 to this Form 8-K.
Item 9.01. Exhibit
| (d) | Exhibit 99.1 | Press Release dated October 21, 2021 | ||
| Exhibit 104 | Cover Page Interactive Data File (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.
| ALLEGHENY TECHNOLOGIES INCORPORATED | ||
| By: | /s/ Elliot S. Davis | |
| Elliot S. Davis | ||
| Senior Vice President and Chief Legal Officer | ||
Dated: October 21, 2021
Exhibit 99.1
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NEWS RELEASE |
| Allegheny Technologies Incorporated Corporate Headquarters 1000 Six PPG Place Pittsburgh, PA 15222-5479 U.S.A. www.ATImetals.com |
Investor Contact: Scott A. Minder 412-395-2720 scott.minder@atimetals.com |
Media Contact: Natalie Gillespie 412-394-2850 natalie.gillespie@atimetals.com |
Kimberly Fields Named Chief Operating Officer, Don Newman EVP
Driving revenue growth through tightly aligned operations and financial discipline
PITTSBURGH, PA—October 21, 2021—Allegheny Technologies Incorporated (NYSE: ATI) announced that the Board of Directors has appointed Kimberly A. Fields to serve as Executive Vice President and Chief Operating Officer of ATI, effective January 1, 2022.
The company also announced that Don Newman, Senior Vice President, Finance and Chief Financial Officer, has been promoted to Executive Vice President, Finance and Chief Financial Officer, effective January 1, 2022.
Fields currently serves as Executive Vice President of ATI’s business segments. She is driving business operations with an increasingly coordinated view to create synergies and intensify focus on the company’s strategy to be a global aerospace and defense leader.
“Kim is leading our businesses to be more aligned and collaborative to accelerate execution,” said Robert S. Wetherbee, President, Board Chair and CEO. “As our markets recover and asset utilization increases, we’re positioned to expand revenue growth rates and decrease inventory intensity as streamlined material flow paths create additional capacity,” he said. “Establishing Kim as COO furthers our commitment to operating as one ATI.”
Fields joined ATI in 2019 as Executive Vice President and was promoted in December 2020 to lead both business segments, Advanced Alloys & Solutions and High Performance Materials & Components. She brings more than 20 years of global experience with a focus on growth and operational excellence. Prior to joining ATI, Fields served as Group President for Industrial and Energy at IDEX Corporation and held commercial, manufacturing, and strategic leadership positions at GE and EVRAZ.
Regarding Don Newman’s appointment to Executive Vice President and Chief Financial Officer, Wetherbee said “Don plays a key leadership role in development of our growth and profit margin expansion strategies. Since joining ATI in early 2020, he has been instrumental in guiding the company through the financial downturn. His focus on maintaining a solid foundation of cash and liquidity is enabling the company to emerge stronger as the global economic recovery gains velocity,” said Wetherbee. “He is focused on ensuring that we build the capabilities and discipline to lock in profitability gains.”
Prior to joining ATI, Newman was CFO of Stelco Holdings, where he helped lead a successful transformation and initial public offering. He has more than 30 years of corporate finance and accounting leadership experience at high-growth businesses in a variety of industries, including serving as CFO of Headwaters Incorporated and more than 12 years in various financial leadership roles at NRG Energy.
Fields and Newman will continue to report to Wetherbee and serve as members of ATI’s Executive Council, the senior leadership team that sets strategic direction for the company.
Solving the World’s Challenges through Materials Science
ATI (NYSE: ATI) is a $3 billion global manufacturer solving the world’s most difficult challenges through materials science; advanced, integrated process technologies; and relentlessly innovative people. We serve customers whose demanding applications need to fly higher, dig deeper, stand stronger, and last longer— anywhere on, above, or below the earth. We partner to create new specialty materials in forms that deliver ultimate performance and long-term value in applications like jet engine forgings and 3D-printed aerospace components. We produce powders for forging and additive manufacturing; rolled materials, and finished components. Our specialty materials withstand extremes of temperature, stress and corrosion to improve and protect human lives every day. Learn more at ATIMetals.com.