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WAB > SEC Filings for WAB > Form 8-K on 30-Oct-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Sta

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 27, 2013, Westinghouse Air Brake Technologies Corporation (the "Company") announced the upcoming retirement of Alvaro Garcia-Tunon as Executive Vice President and Chief Financial Officer, effective January 1, 2014. Mr. Garcia-Tunon will remain with the Company as a strategic advisor upon his retirement.

In connection with his retirement, Mr. Garcia-Tunon entered into a letter agreement with the Company, effective December 31, 2013, confirming his retirement, his role as a non-executive employee of the Company, and the related compensation he will receive in such role. Mr. Garcia-Tunon will receive a base salary of $200,000 in 2014, $100,000 in 2015, and $50,000 in each of 2016 and 2017, and will continue to be eligible for benefits granted to executive employees of the Company. Mr. Garcia-Tunon will no longer be entitled to participate in the compensation programs applicable to the Company's executive officers. The foregoing description of the letter agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which will be filed with the Company's Annual Report on Form 10-K.

On October 27, 2013, the Company also announced that, effective January 1, 2014, Patrick D. Dugan will succeed Mr. Garcia-Tunon as Executive Vice President and Chief Financial Officer of the Company. Mr. Dugan, age 47, most recently served as Senior Vice President, Finance and Corporate Controller, and as a member of the Company's Executive Office, since January 2012. Mr. Dugan joined the Company in 2003 as Vice President and Corporate Controller.

Mr. Dugan will continue to be entitled to participate in the compensation programs applicable to the Company's executive officers, as described in the Company's annual proxy statement and other filings with the Securities and Exchange Commission.

There are no family relationships among Mr. Dugan and any of the Company's directors or executive officers and, other than as set forth herein, there are no arrangements or understandings between Mr. Dugan and any other persons pursuant to which Mr. Dugan was appointed as an executive officer of the Company. There have been no transactions or proposed transactions regarding Mr. Dugan that are required to be disclosed pursuant to Item 404(a) of Regulation S-K.

The press release issued by the Company on October 27, 2013 announcing Mr. Garcia-Tunon's retirement and Mr. Dugan's appointment is attached as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits:

99.1 - Press release dated October 27, 2013.

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