Ecolab Inc 8-K, filed Sep 27, 2022
Ecolab Inc. (ECL)
About this 8-K
Ecolab Inc filed this 8-K on September 27, 2022, reporting on events of September 22, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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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 September 27, 2022, Ecolab Inc., a Delaware corporation (“Ecolab” or the “Company”), announced that Timothy P. Mulhere will retire from his position as executive vice president and president of Global Institutional and Specialty effective October 1, 2022. He will remain with Ecolab through a transition period and retire from the Company at the end of 2022.
(c) On the same date, the Company also announced that Darrell Brown has been elected to the position of president and chief operating officer effective October 1, 2022. Mr. Brown, age 59, is currently serving as executive vice president and president of Ecolab’s Global Industrial Group, a position he has held since April 2019. Earlier, he was executive vice president and president of Ecolab’s Energy Services Division from January 2018 to March 2019, and executive vice president of the Global Downstream and WellChem businesses of the Energy Services Division from April 2017 to December 2017. Previously, Mr. Brown held several leadership positions within Ecolab, including executive vice president and president of Europe, executive vice president of Asia Pacific and vice president for Australia and New Zealand. Prior to joining Ecolab in 2002, Mr. Brown spent 15 years in general manager and director roles with both local Australian and multinational companies.
Mr. Brown’s annual base salary will be increased from $625,000 to $750,000 and his target award opportunity (expressed as a percentage of base salary) under Ecolab’s annual cash incentive program will be increased from 90% to 100% in connection with his appointment. He will also continue to participate in Ecolab’s other regular compensation arrangements for executive officers. Information regarding such arrangements is included in the definitive proxy statement relating to Ecolab’s 2022 annual meeting of stockholders filed with the SEC on March 18, 2022 and is incorporated herein by reference.
There is no transaction between Mr. Brown (and his immediate family) and Ecolab that requires disclosure in accordance with Item 404(a) of Regulation S-K.
A copy of the News Release issued by Ecolab in connection with this report under Item 5.02(c) is attached as Exhibit 99.1.
(e) On September 22, 2022, the Compensation and Human Capital Management Committee of the Ecolab Board of Directors approved an increase to the annual base salary of the Company’s chief financial officer, Scott Kirkland, from $600,000 to $750,000 and an increase to his target award opportunity (expressed as a percentage of base salary) under Ecolab’s annual cash incentive program from 75% to 100% effective October 1, 2022. Mr. Kirkland will also continue to participate in the other regular compensation arrangements for executive officers described in the Company’s 2022 proxy statement.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | Method of Filing | ||
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(99.1) | | | Filed herewith electronically. | |
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(104) |
| Cover Page Interactive Data File. |
| Embedded within the Inline XBRL document. |
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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.
| ECOLAB INC. | |
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Date: September 27, 2022 | By: | /s/ Timothy A. Beastrom |
| | Timothy A. Beastrom |
| | Assistant Secretary |
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Exhibit 99.1
News Release
Ecolab Inc.
1 Ecolab Place
St. Paul, Minnesota 55102
DARRELL BROWN NAMED ECOLAB PRESIDENT AND COO
ST. PAUL, Minn. – Sept. 27, 2022 – Ecolab Inc. announced that Darrell R. Brown, currently executive vice president and president, Global Industrial, will become president and chief operating officer (COO) effective Oct. 1, 2022.
“As Ecolab continues to grow and expand how we deliver on our purpose to protect what’s vital, this enhancement to our management structure will help us maximize our future growth opportunities and is a reflection of our strong leadership team,” said Christophe Beck, Ecolab chairman and chief executive officer. “Darrell's winning track record, knowledge of our company, focus on talent development and tremendous leadership abilities will provide exceptional execution support and additional focus on the company’s long-term growth and performance. I am fortunate to have Darrell as a partner for the years ahead as we continue to enhance profitability by capitalizing on Ecolab’s significant global growth opportunities.”
Brown, 59, has served as executive vice president and president of the Global Industrial group since 2019. Earlier, he was executive vice president and president of Ecolab’s Energy Services Division. Darrell joined Ecolab in 2002 and has held several leadership positions within the company, including executive vice president and president, Europe; executive vice president, Asia Pacific; and vice president and general manager for Australia and New Zealand.
About Ecolab
A trusted partner at nearly three million customer locations, Ecolab (ECL) is the global leader in water, hygiene and infection prevention solutions and services that help protect people, planet and business health. With annual sales of $13 billion and more than 47,000 associates, Ecolab delivers comprehensive science-based solutions, data-driven insights and world-class service to advance food safety, help maintain clean and safe environments, optimize water and energy
use, and improve operational efficiencies and sustainability for customers in the food, healthcare, hospitality and industrial markets in more than 170 countries around the world.
www.ecolab.com
Follow us on LinkedIn @Ecolab, Twitter @Ecolab, Instagram @Ecolab_Inc and Facebook @Ecolab.
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Contacts:
Andrew Hedberg
651.250.2185
Cairn Clark
651.250.2291
Sept. 27, 2022
(ECL-C)