Eaton Corporation plc Elects Andre Schulten as New Board Member

On October 22, 2024, Eaton Corporation plc (NYSE:ETN) announced the appointment of Andre Schulten as a new member of its Board of Directors. The decision to increase the board size from eleven to twelve members was made by the Board and became effective immediately.

Andre Schulten, aged 54, currently holds the position of Chief Financial Officer at The Procter & Gamble Company, a renowned multinational consumer goods corporation. In his new role at Eaton, Mr. Schulten will serve on the Audit Committee, Finance Committee, and the Innovation and Technology Committee.

As per the Company’s standard procedures for non-employee directors, Mr. Schulten will receive compensation in line with the details outlined in Eaton’s Proxy Statement for the 2024 Annual General Meeting of Shareholders. He is set to be granted Restricted Stock Units (RSUs) on November 4, 2024, equivalent to $85,000 worth of Ordinary Shares based on the average closing price in the thirty days leading up to the grant date. This amount represents half of the $170,000 RSU award granted to other non-employee directors earlier in 2024, adjusted for the time he will serve on the Board.

Eaton Corporation plc and its subsidiary, Eaton Corporation, have both entered into standard indemnification agreements with Mr. Schulten, as per the forms filed with the Securities and Exchange Commission in 2013.

It is noted that Mr. Schulten’s role as Chief Financial Officer at P&G has involved business dealings between P&G and Eaton, with sales amounting to around $22.9 million since the start of 2023, conducted in the ordinary course of business.

The official press release regarding Mr. Schulten’s appointment can be found attached to the Report, listed as Exhibit 99.1. Additionally, the company submitted Cover Page Interactive Data File (XBRL) as Exhibit 104 alongside the filing.

For further financial details and exhibits related to this appointment, please refer to the press release issued by Eaton Corporation plc dated October 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eaton’s 8K filing here.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.