Parma, Ohio.-based GrafTech International (NYSE:GTI) got a new CFO today.
On Wednesday, GrafTech announced it has promoted 14-year company veteran Erick R. Asmussen, formerly vice president of strategy, planning, and corporate development, to become its new chief financial officer. Former CFO Lindon Robertson is said to have already departed the company "to pursue other opportunities."
Wishing him well, GrafTech said in a statement: "The company thanks Mr. Robertson for his contributions and wishes him well in his future endeavors." Over the past year, GrafTech shares have fallen 20% in value and lagged the S&P 500 by more than 36 percentage points.
GrafTech said in a filing with the SEC that it will pay the departing Robertson:
- his monthly base salary through March 15, 2014;
- compensation for vacation days unused in 2013;
- preserve his rights to his 30,279 unvested restricted stock units, of which 6,200 shares will time vest on November 27, 2013, 4,133 shares will time vest on December 13, 2013, and 19,946 shares will time vest on July 18, 2014;
- and preserve similar rights to 16,600 unvested stock options, of which 8,267 options will vest on November 27, 2013 and 8,333 options will vest on December 13, 2013.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of GrafTech International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.