Eaton said Thomas B. Okray, Executive Vice President and Chief Financial Officer, will leave the company effective February 2, 2024 by mutual agreement, and Olivier Leonetti will succeed him on February 5, 2024.

1. 01

   Eaton said Thomas B. Okray, Executive Vice President and Chief Financial Officer, will leave the company effective February 2, 2024 by mutual agreement, and Olivier Leonetti will succeed him on February 5, 2024.

2. 02

   The company said there are no changes to Okray's compensation arrangements in connection with his departure, that he will not receive severance, and that he will forfeit all equity that has not vested as of his termination date. The company said the departure is not the result of any disagreement over financial reporting.

3. 03

   Eaton said it will grant Leonetti an initial annual base salary of $890,000, a short-term cash incentive with a target payout of 100% of his base salary, Performance Share Units worth $1,762,500, and Stock Options and Restricted Share Units each worth $881,250.

4. 04

   Eaton said Leonetti, a director since 2019, tendered his resignation from the board effective February 2, 2024, when the board size will be reduced to 9. The company said Leonetti will receive a cash payment of about $271,667 replacing part of his Johnson Controls short-term incentive for 2024, and that he must repay it if he is terminated for Cause or leaves voluntarily within 2 years of his start date.

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