Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 14, 2022, Minerals Technologies Inc. (the “Company”) announced that Erik Aldag, 37, was appointed Senior Vice President, Finance and Treasury, and Chief Financial Officer of the Company. Mr. Aldag joined the Company in July 2017 as Director, Financial Planning & Analysis and assumed the additional responsibility for Investor Relations in June 2020. Mr. Aldag has a wide-ranging background in corporate finance, investor relations, financial planning & analysis, business unit finance, corporate accounting, internal audit, global shared services, and plant controllership. He has led finance teams in the U.S. and internationally in companies serving both consumer and industrial markets, as Finance Director of The Chia Co., a global consumer packaged foods supplier, and in various positions at Alcoa Inc. His previous roles included Manager of Operational and Business Analysis at an aerospace rolling mill in the U.K. and Controller of a beverage can sheet operation in Tennessee that generated annual revenues of approximately $800 million. Mr. Aldag replaces Matthew E. Garth, who notified the Company of his decision to resign from the Company to pursue another opportunity on November 7, 2022. Mr. Aldag will receive an annual base salary of $450,000 and an annual incentive bonus opportunity of up to 75% of his base salary (prorated for 2022 based on his start date), to be earned based on the achievement of annual performance targets. In addition, Mr. Aldag has entered into the Company’s standard form Employment Agreement, Severance Agreement, and Indemnification Agreement. There are no family relationships between Mr. Aldag and any director or executive officer of the Company, and Mr. Aldag has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S–K. A copy of the press release announcing Mr. Aldag’s election is attached hereto as Exhibit 99.1 and incorporated by reference herein. | |
