On December 9, 2008, Joy Global Inc. (the “Company”) announced that Michael S. Olsen had been appointed Executive Vice President, Chief Financial Officer and Treasurer of the Company, with such appointment taking effect immediately. Mr. Olsen, 57, was most recently the Company’s Chief Accounting Officer as well as Senior Vice President of Finance for its Joy Mining Machinery business and has been an officer of the Company since July 2006. In connection with his appointment, the Human Resources and Nominating Committee of the Board of Directors increased Mr. Olsen’s annual salary to $375,000 and awarded Mr. Olsen 50,000 stock options, 7,000 restricted stock units and 7,000 performance shares. Mr. Olsen will continue to serve as the Company’s Principal Accounting Officer. Upon Mr. Olsen’s appointment by the Company’s Board of Directors, James H. Tate, the Chief Financial Officer of the Company, tendered his resignation pursuant to the terms of a Letter Agreement reached March 24, 2008 regarding the terms of his interim employment by the Company. Mr. Tate’s resignation took effect immediately. In connection with his separation from the Company, the Human Resources and Nominating Committee of the Board of Directors awarded Mr. Tate a special bonus of $100,000 in recognition of his service to the Company as Chief Financial Officer. Item 8.01 Other Events On December 9, 2008, the Company issued a press release announcing Mr. Olsen’s appointment as Executive Vice President, Chief Financial Officer and Treasurer. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety. |
