UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 6, 2020, Owens Corning (the “Company”) announced that it will appoint Kenneth S. Parks, age 57, as Senior Vice President and Chief Financial Officer (“CFO”) of the Company, effective September 8, 2020 (the “Effective Date”), replacing Prith Gandhi, who is serving as Interim CFO. Mr. Gandhi will remain with the Company and return to his role as the Company’s Vice President of Corporate Strategy, Corporate Development, and Financial Planning on the Effective Date, at which time he will no longer be deemed an executive officer of the Company.
Mr. Parks has served as the CFO of Mylan N.V., a global pharmaceutical company (from June 2016 to present) and as the CFO of WESCO International, Inc., a multinational provider of electrical, industrial and communications products (from June 2012 to June 2016). Prior to WESCO, Mr. Parks spent the majority of his career at United Technologies Corporation in a variety of U.S. and international finance roles. During that time, he led Investor Relations, was CFO of its Fire and Security division, and held multiple financial leadership roles at its Carrier Corporation division, including working four years in Europe.
In connection with his appointment as CFO, Mr. Park’s base salary will be set at $700,000 per year, and his target annual incentive opportunity will be set at 75% of base salary. Mr. Parks will also receive an appointment grant of $1 million in Restricted Stock Units and $1 million in Performance Stock Units, each using the Effective Date as the Grant Date.
The Company will report any additional long-term or stock-based compensation for Mr. Parks after determination by the Compensation Committee of the Board of Directors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OWENS CORNING | ||||||
| August 6, 2020 | By: | /s/ Ava Harter | ||||
| Ava Harter Senior Vice President, General Counsel and Secretary | ||||||