In a statement, Rakesh Sachdev, Chairman of the Board, expressed confidence in the search process, stating, "The CEO succession process is progressing well, and we are encouraged by the depth and quality of candidates under consideration. Extending Louis's tenure provides the Board with appropriate flexibility to complete a thorough search and appoint the best possible leader for Regal Rexnord, while ensuring continuity for our customers, associates, and shareholders."
Pinkham, who has been with Regal Rexnord for several years, will continue to serve as a member of the Board during this transition period. As part of the agreement, he will receive continued payment of his base salary and a cash payment of approximately $770,833.33 for each of the three months leading up to the transition date, which could total a maximum of $2,312,500. This arrangement is designed to ensure a smooth transition and maintain operational stability during the leadership change.
The company has indicated that it will provide further updates on the CEO search process as appropriate. Regal Rexnord, headquartered in Milwaukee, Wisconsin, is known for its innovative solutions in power transmission and motion control, serving a variety of industries including automation, aerospace, and medical applications. The company’s strategic focus on operational execution and leadership continuity is expected to support its growth trajectory and enhance shareholder value in the long term.
