8-K
Crane NXT, Co. (CXT)
View as plain text
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 17, 2024
CRANE NXT, CO.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
| Delaware | 1-1657 | 88-0706021 | |
|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
| 950 Winter Street 4th Floor North | Waltham | MA | 02451 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: 781-755-6868
N/A
(Former name or former address, if changed since last report)
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)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $1.00 | CXT | New York Stock Exchange |
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. ☐
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
|---|
Retirement of Named Executive Officer
On June 20, 2024, Crane NXT, Co. (the “Company”) announced that it has appointed Michael Mahan as President of its Crane Payment Innovations (CPI) business, effective July 8, 2024. In this role, Mr. Mahan will be responsible for driving the CPI growth strategy, accelerating innovation, and leveraging the Crane Business System to drive continuous improvement and operational excellence to deliver solutions that meet customers' needs now and into the future. Mr. Mahan will report directly to Aaron W. Saak, President and CEO, Crane NXT.
With Mr. Mahan joining, on June 17, 2024, Kurt Gallo, Senior Vice President and interim President of CPI, informed the Company of his decision to retire from the Company. His retirement will be effective February 28, 2025 to allow for and ensure a smooth transition of leadership to Mr. Mahan as he onboards to Crane NXT.
A copy of the Company's press release announcing the items described above is attached hereto as Exhibit 99.1.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
| Item 9.01 | Financial Statements and Exhibits. | | --- | --- || (d) | Exhibits | | --- | --- | | Exhibit No. | Description of Exhibit | | 99.1 | Press Release dated June 20, 2024, issued by Crane NXT, Co. | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
| CRANE NXT, CO. | ||
|---|---|---|
| June 20, 2024 | ||
| By: | /s/ Paul G. Igoe | |
| Paul G. Igoe | ||
| Senior Vice President, General | ||
| Counsel and Secretary |
3
Document
Exhibit 99.1
Crane NXT, Co. Announces Appointment of Michael Mahan as President of Crane Payment Innovations
WALTHAM, Mass., June 20, 2024 - Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced it has appointed Michael Mahan as President of its Crane Payment Innovations (CPI) business, effective July 8, 2024. In this role, Mr. Mahan will be responsible for driving the CPI growth strategy, accelerating innovation, and leveraging the Crane Business System to drive continuous improvement and operational excellence to deliver solutions that meet customers' needs now and into the future. Mr. Mahan will report directly to Aaron W. Saak, President and CEO, Crane NXT.
Mr. Saak stated, “Michael brings a wealth of experience to this role, having driven innovation and R&D portfolios to accelerate growth within large multinational organizations and leaders in the industrial technology market, including Schneider Electric and GE. Michael’s leadership and proven track record of successful new product introductions will help him succeed in the role and enable CPI to unlock value in new and existing markets.”
Mr. Mahan stated, “I am thrilled to be joining Crane NXT. There is tremendous potential across the entire business, and I am looking forward to partnering with the CPI Leadership Team to build upon the Company’s strong foundation of driving business excellence and incredible spirit of entrepreneurship and innovation.”
Most recently, Mr. Mahan led the multi-billion dollar global Transactional & Edge Line of Business of the Secure Power Division of Schneider Electric, focused on home and business power resiliency and data center systems. During his tenure at Schneider, Mr. Mahan drove sales growth while growing into new segments and diversifying the portfolio with innovative new product and service launches.
Prior to this role, Mr. Mahan held roles of increasing responsibility at GE Appliances and GE Energy, including leading the Monogram brand team at GE Appliances, and managing GE’s EV Infrastructure and Low Voltage Equipment businesses at GE Industrial Solutions.
Mr. Mahan holds a Bachelor of Science in Mechanical Engineering from Worcester Polytechnic Institute and earned his MBA from the University of Connecticut School of Business.
With Mr. Mahan joining, Kurt Gallo, Senior Vice President and interim President of CPI, has made the decision to retire from the Company. Mr. Saak stated, “For the past sixteen years, Kurt has made significant contributions to the growth and success of Crane Company and the successful launch of Crane NXT. He has been an invaluable leader in building the Company, including significant responsibilities for the acquisitions of MEI and Crane Currency and the operational performance of the business.”
Mr. Gallo will retire in February 2025 and ensure a smooth transition of leadership to Mr. Mahan as he onboards to Crane NXT. Mr. Gallo will also help in leading several key projects focused on accelerating the Company’s growth strategy.
About Crane NXT, Co.
Crane NXT is a premier industrial technology company that provides trusted technology solutions to secure, detect, and authenticate what matters most to its customers. Through its two industry-leading business segments, Security & Authentication Technologies and Crane Payment Innovations, Crane NXT provides customers with advanced technologies to secure high-value physical products, sophisticated detection equipment and systems, and proprietary products and services that protect brand identity and digital content. Crane NXT’s approximately 4500 employees help our customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information, visit www.cranenxt.com.
Crane NXT Contact:
Investor Relations
ContactUs@cranenxt.com
www.cranenxt.com
1