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."