UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 17, 2022 (October 17, 2022)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: 724 -776-8600
Former name or former address, if changed since last report: N/A
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) | ||||||||
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers | ||||
(c) Appointment of Certain Officers
On October 17, 2022, Mr. Lee McChesney was appointed Senior Vice President and Chief Financial Officer (principal financial officer) of the Company. Mr. McChesney, 50, was previously the Vice President of Corporate Finance and CFO, Global Tools and Storage, for Stanley Black & Decker (a provider of tools and innovative solutions) since February 2021. Prior thereto, for Stanley Black & Decker, he was Chief Financial Officer, Global Tools and Storage and Corporate FP&A from November 2019 to February 2021, and President, Hand Tools, Accessories and Storage, from November 2016 to November 2019. Mr. McChesney will participate in the Company’s Executive Incentive Plan, Management Equity Incentive Plan, and Supplemental Savings Plan, each of which is described in the “Compensation Discussion and Analysis” section and elsewhere in the Company’s most recent Proxy Statement dated April 1, 2022, which is incorporated herein by reference. Following Mr. McChesney’s appointment, Mr. Johnathan D. Buck, Interim Chief Financial Officer, will remain as the Company’s Chief Accounting Officer. A copy of the Company’s press release announcing the appointment of Mr. McChesney is attached as Exhibit 99.1 to this Form 8-K.
Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits
99.1 MSA Safety Incorporated Press Release dated August 1, 2022.
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, MSA Safety Incorporated has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MSA SAFETY INCORPORATED | |||||||||||
(Registrant) | |||||||||||
By | /s/ Stephanie L. Sciullo | ||||||||||
Stephanie L. Sciullo | |||||||||||
Senior Vice President and Chief Legal Officer | |||||||||||
Date: October 17, 2022
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
EXHIBIT 99.1
FROM: MSA (MSA Safety Incorporated)
Ticker: MSA (NYSE)
MSA Media Contact: Mark Deasy +1 (412) 559-8154
MSA Investor Relations Contact: Chris Hepler +1 (412) 225-3717
MSA Safety Names Lee McChesney Senior Vice President and Chief Financial Officer | ||
PITTSBURGH, October 17, 2022 – MSA Safety (NYSE: MSA), the global leader in the development and manufacture of safety products that help protect people and facility infrastructures, today announced that Lee McChesney has been named Senior Vice President and Chief Financial Officer. Mr. McChesney previously served as Vice President, Corporate Finance and Chief Financial Officer for Stanley Black & Decker’s $12.8 billion operating unit, Global Tools and Storage.
“We are delighted to have Lee join our executive leadership team,” said Nish Vartanian, MSA Safety Chairman, President and Chief Executive Officer. “Lee is a proven CFO with a track record of delivering exceptional results and creating value,” Mr. Vartanian said. “Coming from a Fortune 500 industrial manufacturing company that serves a number of markets common to MSA, I’m confident Lee will help strengthen our organization with his 20-plus years of financial leadership experience in guiding a large, growth-focused enterprise,” Mr. Vartanian said.
Mr. McChesney joined The Stanley Works in 1999. Initially, he served in several finance and business leadership roles including business unit Chief Financial Officer, Corporate Financial Planning & Analysis Director and deploying the Stanley Fulfillment System. Over his career, Mr. McChesney has helped guide more than 40 acquisitions and integrations. He also served as the finance integration leader for The Stanley Works and Black & Decker merger in 2010.
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Following the merger, Mr. McChesney was named Chief Financial Officer for Global Tools & Storage, a business that more than doubled in size through the decade. In 2016, Mr. McChesney was named President, Hand Tools, Accessories and Storage, a $4 billion business that included the successful integration of Craftsman and Newell Tools. In 2019, Mr. McChesney was appointed CFO for Global Tools and Storage and Corporate FP&A, and in 2021 assumed additional responsibility for Corporate Tax and Treasury.
Mr. McChesney also helped launch one of Stanley Black & Decker’s largest innovation showcases for its Craftsman brand following its acquisition. The comprehensive program represented more than $500 million of incremental innovation at improved margin levels. “In addition to his operations and financial background, Lee understands the importance of innovation and how to best leverage it,” Mr. Vartanian said. “As we think about innovation at MSA, including our Connected Technology platforms and our recently launched MSA+ subscription service, I know Lee will bring to our team valuable insights on how we can best utilize those assets to drive greater value and market leadership.”
In his role with MSA, Mr. McChesney succeeds interim CFO Jonathan Buck, who will resume his responsibilities as Chief Accounting Officer.
Mr. McChesney holds a bachelor’s degree in finance from the University of Connecticut. He also earned an MBA from the University of Massachusetts. In addition to his professional responsibilities, Mr. McChesney is actively involved with Junior Achievement of Central Maryland, serving on its board and as a member of its executive committee. He also serves on the Dean’s Advisory Cabinet for the University of Connecticut School of Business.
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About MSA Safety | ||
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2021 revenues of $1.4 billion, MSA employs approximately 4,800 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.
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