AI English summary of an SEC filing — figures as filed

The company said Franklin K. Clyburn, Jr. will step down as CEO and from the Board, effective February 6, 2024. The company said he is expected to remain employed in a transitional role until March 31, 2024, and then to provide advisory services in a consulting role until December 31, 2024. January 11, 2024

8-KDeparture or Appointment of Directors or Certain OfficersFiled Jan 11, 2024Period of report Jan 11, 2024Summary published (UTC) Oct 29, 2026

Key points

AI summary

The company said Franklin K. Clyburn, Jr. will step down as CEO and from the Board, effective February 6, 2024. The company said he is expected to remain employed in a transitional role until March 31, 2024, and then to provide advisory services in a consulting role until December 31, 2024. January 11, 2024
The company said Mr. Clyburn's departure is a qualifying event under its Executive Severance Policy. Under the policy, he will receive a cash separation payment equal to 2 times the sum of his annual base salary and his target annual bonus for fiscal 2024, prorated for active days of employment, plus 24 months of benefits continuation and pro-rata vesting of his outstanding equity awards. He will also receive a total consulting fee of $1,000,000 from April 1, 2024 to December 31, paid in equal monthly installments.
The company said J. Erik Fyrwald, 64, will be appointed CEO and a director effective February 6, 2024. It said he will also be named to the Innovation Committee and Transaction Committee of the board. The company said he served as CEO of the Syngenta Group from June 2016 to December 2023.
The company said Mr. Fyrwald will receive an annual base salary of $1,000,000, a target annual bonus of 200% of his base salary, and a target award under the LTIP for fiscal 2024. It also said it expects to grant him one-time inducement awards of 68,750 performance share units and 56,250 restricted stock units on March 1, 2024.

Summary

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Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Clyburn steps down as CEO and director; post-departure role

The company said Franklin K. Clyburn, Jr. will step down as CEO and from the Board, effective February 6, 2024. The company said he is expected to remain employed in a transitional role until March 31, 2024, and then to provide advisory services in a consulting role until December 31, 2024. January 11, 2024

Source · Based on the filing body and exhibits

Clyburn departure terms and consulting fee

The company said Mr. Clyburn's departure is a qualifying event under its Executive Severance Policy. Under the policy, he will receive a cash separation payment equal to 2 times the sum of his annual base salary and his target annual bonus for fiscal 2024, prorated for active days of employment, plus 24 months of benefits continuation and pro-rata vesting of his outstanding equity awards. He will also receive a total consulting fee of $1,000,000 from April 1, 2024 to December 31, paid in equal monthly installments.

Source · Based on the filing body and exhibits

J. Erik Fyrwald named new CEO

The company said J. Erik Fyrwald, 64, will be appointed CEO and a director effective February 6, 2024. It said he will also be named to the Innovation Committee and Transaction Committee of the board. The company said he served as CEO of the Syngenta Group from June 2016 to December 2023.

Source · Based on the filing body and exhibits

Fyrwald compensation and inducement equity awards

The company said Mr. Fyrwald will receive an annual base salary of $1,000,000, a target annual bonus of 200% of his base salary, and a target award under the LTIP for fiscal 2024. It also said it expects to grant him one-time inducement awards of 68,750 performance share units and 56,250 restricted stock units on March 1, 2024.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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