Barry Malamud's long tour of duty as interim chief financial officer at Harsco (NYSE:HSC) has come to an end.
On Monday, the Camp Hill, Pa.-based metals company announced that it is hiring F. Nicholas Grasberger as its new CFO, effective April 22. On that date, Malamud will resume his prior position as vice president and corporate controller for the company.
Grasberger, formerly managing director of Fenner's multinational Precision Polymers Division, has served in the capacity of CFO at two companies in the past -- at Armstrong Holdings, and before that, at Kennametal. But he said in a statement that he considers Harsco in particular to be "an exceptional opportunity."
As well he might. In a filing with the SEC that accompanied news of his appointment, Harsco disclosed that it will be paying Grasberger an annual base salary of $525,000, plus:
- An $80,000 signing bonus.
- 5,000 restricted stock units, vesting after three years.
- Participation in the company's long-term incentive compensation program, which includes an award for 2013 equal to 150% of annual base salary. This award will be divided into one-third restricted stock units and two-thirds "time-based stock appreciation rights."
- An annual "performance-based" bonus targeting 75% of base salary.
Harsco shares reacted positively to the news, rising 0.5% in Monday trading to close at $23.67.