nVent Electric plc 8-K, filed May 1, 2020
nVent Electric plc (NVT)
About this 8-K
nVent Electric plc filed this 8-K on May 1, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
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
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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.
On May 1, 2020, Brian M. Baldwin provided notice that he was resigning from the Board of Directors of nVent Electric plc (the “Company”) effective as of that date and will not stand for reelection at the Company’s 2020 Annual General Meeting (the “Annual General Meeting”). Mr. Baldwin has been a director of the Company since April 2018, and has served on its Governance and Compensation Committees.
Trian Fund Management, L.P. (“Trian”) has informed the Company that Trian believes that the Company is positioned to navigate the current economic downturn and resume growth when conditions improve in the future. Mr. Baldwin believes it is an appropriate time for him to step off of the Company’s Board of Directors to devote more time to his commitments to Trian.
The Company’s Board of Directors is not nominating a director to replace Mr. Baldwin for election at the Annual General Meeting and is reducing the size of the Board currently from eleven to ten directors and effective upon the completion of the Annual General Meeting from ten to nine directors. Other than Mr. Baldwin, the nominees named in the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on March 31, 2020 (the “Proxy Statement”) will stand for election at the Annual General Meeting. Notwithstanding Mr. Baldwin’s resignation and withdrawal as a director nominee, the form of proxy card included in the original distribution of the Proxy Statement remains valid. However, any votes submitted with instructions to vote for all of the Board’s nominees will be voted only for the nine remaining nominees named in the Proxy Statement, and any votes submitted with instructions to vote for or against Mr. Baldwin will be disregarded.
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, thereunto duly authorized, on May 1, 2020.
| nVent Electric plc | ||
| Registrant | ||
| By | /s/ Jon D. Lammers | |
| Jon D. Lammers | ||
| Executive Vice President, General Counsel and Secretary | ||