Milwaukee, Wis.-based Brady Corp. (NYSE: BRC ) has a new CEO.
On Monday, Brady announced the retirement of President and Chief Executive Officer Frank M. Jaehnert. Current Senior Vice President and Chief Financial Officer Thomas J. Felmer will replace him as Interim President and CEO.
Jaehnert will continue to consult for the company until Dec. 31. In a filing with the SEC, Brady said Jaehnert will be receiving a severance package worth at least $800,000 after that.
Meanwhile, Felmer, a 25-year company veteran, will continue to serve as CFO in addition to his role as interim CEO as the company searches for a replacement for Jaehnert. The same filing detailing Jaehnert's severance benefits noted that Felmer will be awarded 5,000 extra shares of restricted stock "in recognition of Mr. Felmer's increased duties."
Brady Corp's share price has gained 2% over the past year, while the S&P 500 is up more than 16%.