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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.
(b) On October 21, 2021, Allegheny Technologies Incorporated (the “Company”) announced that Kimberly A. Fields, currently Executive Vice President for both of the Company’s business segments, has been appointed to serve as the Company’s Executive Vice President and Chief Operating Officer, effective as of January 1, 2022.
Ms. Fields, age 51, joined ATI in April 2019 as Executive Vice President for the Company’s Advanced Alloys & Solutions segment and assumed leadership of the Company’s other business segment, High Performance Materials & Components, in December 2020. Prior to joining ATI, she served as Group President at IDEX Corporation since 2015. Previously, Ms. Fields served as Executive Vice President for the integrated global steel producer EVRAZ, as General Manager of Industrials for GE Energy, with global responsibility for growing GE’s penetration in metals, petrochemicals and mining segments, and in a series of leadership positions with Alcoa, Inc., The Boston Consulting Group and Owens Corning Fiberglass. Ms. Fields is a member of the Board of Directors of Silgan Holdings, a supplier of rigid packaging for shelf-stable food and other consumer goods products.
In her role as Executive Vice President and Chief Operating Officer, Ms. Fields’ base annual salary will be $660,000, and she will have a 2022 target award opportunity under the Company’s Annual Incentive Plan equal to 100% of her base salary. Additionally, Ms. Fields will continue to participate in the Company’s Long-Term Incentive Plan, with a 2022 award having a grant-date fair market value at least equal to 250% of her base salary, comprised of both performance-vested restricted stock units and time-vested restricted stock units. Ms. Fields will continue to be eligible to participate in the Company’s other benefit programs.
The Company issued a press release (the “Press Release”) on October 21, 2021 regarding these matters. The Press Release is set forth in its entirety and attached as Exhibit 99.1 to this Form 8-K.
Item 9.01. Exhibit
| (d) | Exhibit 99.1 | Press Release dated October 21, 2021 | ||
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||
SIGNATURE
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.
| ALLEGHENY TECHNOLOGIES INCORPORATED | ||
| By: | /s/ Elliot S. Davis | |
| Elliot S. Davis | ||
| Senior Vice President and Chief Legal Officer | ||
Dated: October 21, 2021