Form 8-K GRACO INC For: Jun 29
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 2015
Graco Inc.
(Exact name of registrant as specified in charter)
| Minnesota |
001-09249 |
41-0285640 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 88 – 11th Avenue Northeast Minneapolis, Minnesota |
55413 | |||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (612) 623-6000
| Not Applicable |
| (Former name or former address if changed since last report.) |
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:
¨ 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))
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 29, 2015, Graco Inc. (the “Company”) announced that Christian E. Rothe has been appointed as the Company’s new Chief Financial Officer and Treasurer effective September 1, 2015. Mr. Rothe succeeds James A. Graner, who will retire from his role as Chief Financial Officer effective August 31, 2015.
Mr. Rothe, 41, has served as Vice President and Treasurer for the Company since June 2011. Prior to joining the Company, Mr. Rothe held various positions in business development, accounting and finance, including, most recently, at Gardner Denver, Inc., a manufacturer of highly engineered products, as Vice President, Treasurer from January 2011 to June 2011, Vice President - Finance, Industrial Products Group from October 2008 to January 2011, and Director, Strategic Planning and Development from October 2006 to October 2008.
Effective September 1, 2015, Mr. Rothe’s annual base salary will be increased to $350,000. For the portion of the annual performance period under the Company’s Incentive Bonus Plan beginning September 1, 2015 and ending December 25, 2015, Mr. Rothe’s target payout will be increased to 70% of his base salary and his maximum payout will be increased to 105% of his base salary.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 | Press Release dated June 29, 2015. |
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.
GRACO INC.
| Date: June 29, 2015 | By: | /s/ Karen Park Gallivan |
||||
| Karen Park Gallivan | ||||||
| Its: Vice President, General Counsel and Secretary |
EXHIBIT INDEX
| Exhibit |
Description |
Method of Filing | ||
| 99.1 | Press Release dated June 29, 2015. | Filed Electronically |
|
GRACO INC. P.O. Box 1441 Minneapolis, MN 55440-1441 NYSE: GGG |
| ||
| FOR IMMEDIATE RELEASE: | FOR FURTHER INFORMATION: | |
| June 29, 2015 | James A. Graner 612-623-6635 | |
| Media: Bryce Hallowell 612-623-6679 | ||
| [email protected] |
Graco Names Christian E. Rothe As New Chief Financial Officer
MINNEAPOLIS, MN (June 29, 2015) – Graco Inc. (NYSE: GGG) announced today that Christian E. Rothe has been appointed as the Company’s Chief Financial Officer and Treasurer effective September 1, 2015. Mr. Rothe succeeds James A. Graner who announced his planned retirement from the Company last year.
“Jim Graner has played a pivotal role in shaping Graco’s business for more than 40 years,” said Graco President and CEO Patrick J. McHale. “His insight, intellect, and character has helped define Graco’s strategies, our culture, and our success. On behalf of Graco’s Board of Directors and shareholders, I thank Jim for his service and innumerable contributions. We wish Jim and his family all the best upon his retirement.”
Mr. Rothe is currently Graco’s Vice President and Treasurer, a role he has held since joining the company in 2011. Prior to his appointment at Graco, Mr. Rothe held a series of finance roles of increasing responsibility at Gardner Denver, Inc., including Vice President and Treasurer, Vice President, Finance - Industrial Products Segment, and Director of Strategic Planning and Development. Gardner Denver, an industrial flow control manufacturer, was a member of the S&P Midcap 400 prior to being acquired by KKR in 2013.
Earlier in his career, Mr. Rothe held various corporate finance and business development roles at Ridley Inc. and HickoryTech Corporation. Mr. Rothe holds a Bachelor of Science degree in Accounting from the Herberger School of Business at St. Cloud State University and an MBA from the University of Minnesota’s Carlson School of Management. He has a CPA certification in the State of Illinois.
“Since joining Graco, Christian has become a highly respected member of our management team who consistently provides unique perspectives and ideas drawn from personal experience and a rich knowledge of the external factors which must be considered when driving for growth and profitability,” said McHale. “Christian has a thorough understanding of our business and financial structure which will allow for a seamless transition to his new role as CFO. Further, his operational, corporate finance and M&A experience will help drive the Company’s organic and inorganic growth strategies.”
ABOUT GRACO
Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense, and spray fluid and powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction, and maintenance industries. For
additional information about Graco Inc., please visit us at www.graco.com or on Twitter @GracoInc.
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