UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | June 17, 2011 |
Woodward, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 0-8408 | 36-1984010 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
1000 East Drake Road, Fort Collins, Colorado | 80525 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 970-482-5811 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 17, 2011, Woodward, Inc. (the Company) issued a news release to announce that Sagar A. Patel, age 45, will join the Company as President, Aircraft Turbine Systems, effective June 27, 2011. In connection with his employment at the Company, the Board of Directors intends to appoint Mr. Patel as an executive officer of the Company.
Mr. Patel served at General Electric for 18 years, most recently as the President, Mechanical Systems, GE Aviation, from March 2009 to June 2010. He served as President, Aerostructures, GE Aviation from July 2008 to March 2009 and as President and General Manager, MRA Systems, Inc., BE Aircraft Engines, from October 2005 to June 2008. Mr. Patel holds a bachelors degree in Engineering, Controls and Instrumentation from Gujarat University in India and a Masters Degree in Electrical Engineering from the University of Pittsburgh.
The Company entered into a compensatory arrangement with Mr. Patel whereby his annual base salary will be $350,000 and his annual incentive pay target will be 60% of his base pay. Mr. Patels target participation level in the Companys Long Term Incentive Plan will be 35%. Mr. Patel will receive a cash sign on bonus of $375,000. He will receive 25,000 stock options upon his date of hire and will be eligible for future stock options. The Company will also enter into a change in control agreement with Mr. Patel in substantially the same form as the change in control agreements entered into with the Companys other corporate officers and attached as Exhibit 10.2 to the Companys Current Report on Form 8-K filed on December 18, 2009. The Company will also provide Mr. Patel with a comprehensive relocation package for his move to the Rockford, Illinois area, including, moving expenses, temporary living expenses, interim living arrangements at the Companys condominium in Rockford, Illinois, assistance in the sale of Mr. Patels home and the option of a guaranteed offer on his current residence.
Item 7.01 Regulation FD Disclosure.
A copy of the news release announcing the matters described in Item 5.02 of this report is furnished herewith as Exhibit 99.1.
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.
Woodward, Inc. | ||||
June 17, 2011 | By: |
A. Christopher Fawzy
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Name: A. Christopher Fawzy | ||||
Title: Corporate Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press Release of Woodward, Inc., dated June 17, 2011 |
EXHIBIT 99.1
News Release
Woodward, Inc.
1000 East Drake Road
Fort Collins, Colorado 80525, USA
Tel: 970-482-5811
Fax: 970-498-3058
FOR IMMEDIATE RELEASE
CONTACT: | Rose Briani-Burden Business Communications 815-639-6282 |
Woodward Names Patel to Executive Staff
Fort Collins, Colo., June 17, 2011Woodward, Inc. (NASDAQ:WWD) today announced that Sagar Patel, 45, will join Woodward on June 27, 2011 as President, Aircraft Turbine Systems. The Woodward Board of Directors intends to appoint Mr. Patel as an executive officer of the company.
Mr. Patel will be located at the companys Rockford, Illinois facility and will report to Tom Gendron, Chairman of the Board and Chief Executive Officer.
Mr. Patel will have overall responsibility for leading Aircraft Turbine Systems as it focuses on managing future growth, supporting current business opportunities, and enhancing customer support and service.
We are extremely pleased to have a person of Sagars caliber join Woodward. As a seasoned aerospace executive, he will bring a wide range of leadership experience in engineering, quality, operations, customer service, and Six Sigma and Lean implementation, says Mr. Gendron.
Mr. Patel will be joining Woodward from General Electric, where he served most recently as President, Mechanical Systems, GE Aviation. During his 18-year tenure at GE, Mr. Patel led start-up efforts for new businesses, managed operations teams and multiple P&Ls, formed global partnerships, drove Six Sigma and Lean initiatives, participated in integration and divestiture activities, and won several leadership awards for outstanding performance. In addition, Mr. Patel brings experience in Power Generation and Locomotive markets to Woodward.
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Mr. Patel holds a bachelors degree in Engineering, Controls and Instrumentation from Gujarat University in India and a masters degree in Electrical Engineering from the University of Pittsburgh.
Mr. Patel will succeed Marty Glass, who recently accepted the position as President, Airframe Systems based at the companys Skokie, Illinois facility.
About Woodward
Woodward is an independent designer, manufacturer, and service provider of energy control and
optimization solutions used in global infrastructure equipment. We serve the aerospace and defense,
power generation and distribution, and transportation markets. Our systems and components optimize
the performance of commercial aircraft; military aircraft, ground vehicles and other equipment; gas
and steam turbines; wind turbines; reciprocating engines; and electrical power systems. The
companys innovative fluid energy, combustion control, electrical energy, and motion control
systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers
include leading original equipment manufacturers and end users of their products. Woodward is
headquartered in Fort Collins, Colo., USA. Visit our website at www.woodward.com.
The statements in this release concerning the companys future sales, earnings, business performance, prospects, and the economy in general reflect current expectations and are forward-looking statements that involve risks and uncertainties, including Woodwards expectation that Mr. Patel will join the company on June 27, 2011 as President, Aircraft Turbine Systems, and that the Woodward Board of Directors intends to appoint Mr. Patel as an executive officer of the company. Actual results could differ materially from projections or any other forward-looking statement and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodwards Annual Report and Form 10-K for the year ended September 30, 2010 and any subsequently filed Quarterly Report on Form 10-Q.
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