Ferguson Enterprises Inc.
01/10/2025 | Press release | Distributed by Public on 01/10/2025 15:15
Management Change/Compensation Form 8 K
| Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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On January 8, 2025, Ferguson Enterprises Inc. (the "Company") announced that, effective February 1, 2025, the title of Bill Thees, age 58, will change from "Senior Vice President" to "Chief Operating Officer" to reflect an expansion of his oversight responsibilities over the coming months to include the Company's supply chain and facilities functions.
Information regarding Mr. Thees' background is included in the section titled "Information about our Executive Officers"in Part I of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024, filed with the Securities and Exchange Commission on September 25, 2024, and is incorporated herein by reference.
Mr. Thees' current employment agreement will be amended on February 1, 2025 to reflect his new title, but no other changes are contemplated. The executed amendment to his employment agreement will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ending January 31, 2025.
While no changes to Mr. Thees' compensation have been approved yet by the Compensation Committee of the Board of Directors of the Company, it is anticipated that an immaterial adjustment to his base salary will be made in the near-term to reflect these increased oversight responsibilities.
There are no familial relationships or transactions involving Mr. Thees and the Company that would require disclosure under Item 401(d) or Item 404 of Regulation S-K. There are no arrangements or understandings between Mr. Thees and any other person pursuant to which he was selected for this office.
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