Lincoln Electric Holdings Inc 8-K, filed May 9, 2022
Lincoln Electric Holdings Inc (LECO)
About this 8-K
Lincoln Electric Holdings Inc filed this 8-K on May 9, 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
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
22801 St. Clair
(Address of principal executive offices, with zip code)
(Registrant’s telephone number, including area code)
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 (see General Instruction A.2. below):
| 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:
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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).
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. ☐
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 9, 2022, the Board of Directors of Lincoln Electric Holdings, Inc. (the “Company”) elected and appointed Steven B. Hedlund to serve as Executive Vice President, Chief Operating Officer of the Company effective as of such date.
Mr. Hedlund, 55, joined the Company in 2008 and has been serving as Executive Vice President, President, Americas and International Welding since October 21, 2020. Prior to that, Mr. Hedlund served as: Executive Vice President, President, International Welding from June 1, 2017 to October 21, 2020; Senior Vice President, President, Global Automation from January 22, 2015 to June 1, 2017; Senior Vice President, Strategy & Business Development from February 19, 2014 to January 22, 2015; and Vice President, Strategy & Business Development from September 15, 2008 to February 19, 2014.
In connection with his appointment, on May 9, 2022, the Compensation and Executive Development Committee of the Board of Directors of the Company approved an award of restricted stock units in an amount equal to approximately $280,000, an increase in his annual base salary to $600,000, and an increase in his target annual bonus to $760,000. In general, the restricted stock units will vest in full after three years, subject to the terms of the Company’s standard award agreement for restricted stock units.
A copy of the Company’s press release announcing these activities is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | The Company’s press release dated May 9, 2022 announcing the appointment of Steven B. Hedlund. | |
| 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.
| LINCOLN ELECTRIC HOLDINGS, INC. | ||||||
| Date: May 9, 2022 | By: | /s/ Jennifer I. Ansberry | ||||
| Jennifer I. Ansberry, Executive Vice President, General Counsel & Secretary | ||||||
Exhibit 99.1
LINCOLN ELECTRIC HOLDINGS, INC.
22801 Saint Clair Avenue • Cleveland, Ohio 44117 • U.S.A.
N E W S • R E L E A S E
STEVEN B. HEDLUND PROMOTED TO CHIEF OPERATING OFFICER AT LINCOLN ELECTRIC
CLEVELAND, Monday, May 9, 2022 – Lincoln Electric Holdings, Inc. (the “Company”) (NASDAQ: LECO) today announced that Steven B. Hedlund has been promoted to Chief Operating Officer (COO), effective immediately.
Hedlund has served as Executive Vice President, President of the Americas and International Welding segments since 2020 and has served as a member of the Company’s executive management team since 2008. As COO, he will continue to lead the welding segments’ Higher Standard 2025 Strategy initiatives to advance growth and enhance margin and return performance, and will now have responsibility for The Harris Products Group (HPG) segment. HPG and regional presidents will report directly to him.
“Steve’s experience and leadership has been instrumental in shaping our Higher Standard 2025 Strategy and the commercial and operational initiatives driving accelerated growth, record performance and returns,” said Christopher L. Mapes, Chairman, President and Chief Executive Officer. “Steve has been at the forefront of strategically positioning Lincoln for long-term, profitable growth for nearly fifteen years, having led Automation, M&A, and the transformation of our international region, and as COO, he will continue to generate superior value for our stakeholders.”
Hedlund joined Lincoln Electric in 2008 and has served as Executive Vice President (EVP), President of both the Americas Welding and International Welding since 2020 and has served as EVP, President of the International Welding segment since 2017. He previously served as President of Global Automation and as Vice President, Strategy and Business Development. Prior to Lincoln Electric, Mr. Hedlund held various executive leadership roles at Fortune Brands, Inc., and served as principal with the management consulting firm Booz Allen & Hamilton. Hedlund earned a bachelor’s degree and an MBA from Dartmouth College.
About Lincoln Electric
Lincoln Electric is the world leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Lincoln is recognized as the Welding Expert™ for its leading material science, software development, automation engineering, and application expertise, which advance customers’ fabrication capabilities to help them build a better world. Headquartered in Cleveland, Ohio, Lincoln has 56 manufacturing locations in 19 countries and a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com.
Contact
Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
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