Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Quanex Loses a CEO, Names Another

Ingersoll-Rand's (NYSE: IR  ) gain is Quanex's (NYSE: NX  ) loss.

Earlier today we reported that now-Dublin-based Ingersoll-Rand has poached away the CEO of Quanex Building Products to become the new chief executive officer of Ingersoll-Rand subsidiary Allegion -- because of a spinoff from Ingersoll-Rand later this year.

In related news, Quanex appears not to have been caught unawares by the development. The building products manufacturer announced Tuesday that its board of directors has elected board member William C. Griffiths to take over as Quanex's chairman, president, and CEO, effective July 9.

Explaining the board's choice, lead director Joseph D. Rupp called Griffiths "a seasoned executive with experience in a wide range of industries including building products" and one "very familiar with the operations and strategic direction of the company."

An SEC filing by the company reveals that Griffiths will be paid an annual base salary of $780,000, plus:

  • An annual incentive award of up to 200% of base salary.
  • 75,000 shares of restricted stock, vesting three years from now.
  • 175,000 stock options, vesting in thirds over the next three years,
  • Relocation assistance worth up to $50,000.
  • Assorted "other benefits."

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2529304, ~/Articles/ArticleHandler.aspx, 9/26/2016 1:40:44 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,114.28 -147.17 -0.81%
S&P 500 2,147.78 -16.91 -0.78%
NASD 5,261.25 -44.49 -0.84%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/26/2016 1:23 PM
NX $17.62 Up +0.07 +0.40%
Quanex Building Pr… CAPS Rating: No stars
IR $65.49 Up +0.84 +1.30%
Ingersoll-Rand CAPS Rating: ***