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LII » Topics » 2007 - A Year of Transition

This excerpt taken from the LII DEF 14A filed Apr 15, 2008.
2007 — A Year of Transition
 
A number of significant non-recurring events relating to our NEOs occurred during 2007:
 
  •  Our new CEO, Todd M. Bluedorn, was hired on April 2, 2007.
 
  •  Our former CEO, Robert E. Schjerven, retired effective as of June 30, 2007.
 
  •  Our former Executive Vice President and Chief Administrative Officer, Harry J. Ashenhurst, Ph.D., ceased employment with our company effective as of September 30, 2007.
 
  •  We determined not to renew Linda A. Goodspeed’s employment agreement. As a result, Ms. Goodspeed, who served as Executive Vice President, Information Technology & Business Development, ceased employment with our company effective as of the close of business on December 31, 2007.
 


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In addition, during 2007, the Committee modified several executive compensation policies and programs to further focus executive compensation on company-specific and individual performance and drive the achievement of our short-term and long-term company objectives. Specifically, the Committee:
 
  •  revised the grant methodology for long-term incentives from a fixed delivered value per executive grade level to a differentiated approach based on individual performance;
 
  •  redesigned our performance share program to add an additional performance metric (company net income growth) effective January 1, 2008;
 
  •  simplified our perquisite program to replace most company-sponsored perquisites with a lump-sum cash stipend effective January 1, 2008;
 
  •  limited participation in the broad-based short-term incentive program to exclude executives effective January 1, 2008; and
 
  •  redesigned our management short-term incentive program to supplement company performance measures with an individual performance measure, which will comprise, at target, 15% of an individual’s payout effective January 1, 2008.
 
The remainder of our CD&A is intended to provide perspective on the data included in the compensation tables and narrative information that accompanies them.
 
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