Eaton Corp. (ETN) said Monday that at the request of Chairman and Chief Executive Alexander M. Cutler, it set a limit on what the company can pay him under its incentive plan.
The Cleveland-based industrial manufacturer said in a filing with the Securities and Exchange Commission that Cutler decided to limit the incentive award he received because recent company actions had adversely affected employees and forced plant closings.
Cutler's incentive awards for the 2003-2006 incentive-plan period will be no greater than his award for the 2002-2005 period, according to Monday's filing.
Under the plan the executive will be granted phantom share units, which will be converted to cash. Monday's filing didn't say how much Cutler was given under the 2002-2005 incentive plan. A company representative wasn't immediately available to comment.
Eaton shares recently traded at $76.30 each, up 65 cents.
Tuesday, January 30, 2007
Wednesday, January 3, 2007
J.T. Packard settles suits with both MGE and Eaton
JT Packard, the fast-growing provider of uninterruptible power supply systems and other network-critical power equipment, announced that it has settled two patent cases and that founder and president Jeff Cason had resigned "to pursue other entrepreneurial interests."
JT Packard reached comprehensive settlements with both MGE UPS Systems (MGE) and Eaton Powerware, Inc. (Powerware), concluding all litigation. The settlements resolved the legal disputes to the parties’ satisfaction, eliminating the distraction of prolonged litigation and allowing them to pursue more productive business objectives. The terms of the settlements are confidential. On October 16, 2006, Power Plus, a California-based provider of power solutions, acquired 80% of JT Packard. Following the acquisition, Power Plus worked with MGE and Powerware to address industry concerns and negotiate equitable resolutions. Concurrent with the settlements, Power Plus completed the acquisition of the remaining 20% of JT Packard. Power Plus is pleased to end the legal disputes and capitalize on the efficiencies associated with the recent acquisition. In addition, Jeff Cason, President of JT Packard, announced his resignation, effective immediately. “After building the company into a UPS industry force, and earning a spot on the Inc. 500 for two consecutive years, Jeff left to pursue other entrepreneurial interests. We wish him the best of luck,” remarked Steve Bray, CEO of Power Plus. Charley Eaton, Executive Vice President of JT Packard, who was instrumental in the firm’s success despite the challenges of the litigation, was appointed President. Eaton has been with JT Packard for nearly two years. Prior to joining to JT Packard, he founded and operated a technology-related firm for 10 years.
JT Packard reached comprehensive settlements with both MGE UPS Systems (MGE) and Eaton Powerware, Inc. (Powerware), concluding all litigation. The settlements resolved the legal disputes to the parties’ satisfaction, eliminating the distraction of prolonged litigation and allowing them to pursue more productive business objectives. The terms of the settlements are confidential. On October 16, 2006, Power Plus, a California-based provider of power solutions, acquired 80% of JT Packard. Following the acquisition, Power Plus worked with MGE and Powerware to address industry concerns and negotiate equitable resolutions. Concurrent with the settlements, Power Plus completed the acquisition of the remaining 20% of JT Packard. Power Plus is pleased to end the legal disputes and capitalize on the efficiencies associated with the recent acquisition. In addition, Jeff Cason, President of JT Packard, announced his resignation, effective immediately. “After building the company into a UPS industry force, and earning a spot on the Inc. 500 for two consecutive years, Jeff left to pursue other entrepreneurial interests. We wish him the best of luck,” remarked Steve Bray, CEO of Power Plus. Charley Eaton, Executive Vice President of JT Packard, who was instrumental in the firm’s success despite the challenges of the litigation, was appointed President. Eaton has been with JT Packard for nearly two years. Prior to joining to JT Packard, he founded and operated a technology-related firm for 10 years.
Subscribe to:
Posts (Atom)