Thor Industries (NYSE: THO ) has a new CEO.
On Monday, the Elkhart, Ind.-based RV manufacturer announced it has promoted current President and Chief Operating Officer Bob Martin to the position of CEO. The appointment will become effective on August 1, when current CEO Peter B. Orthwein gives up his post (but remains executive chairman of the board of directors).
In a simultaneous SEC filing, Thor revealed that Martin's annual base salary, currently $750,000, will remain unchanged upon assuming office. Likewise, he will continue to be eligible to receive performance-based cash incentive awards "equal to 1.75% of the pre-tax profits of the Company (excluding any impairment charges)" and also performance-based equity rewards (restricted stock) "equal to 0.5% of the pre-tax profits of the Company (excluding any impairment charges) for fiscal 2013."
Furthermore, on the occasion of his appointment as CEO, Martin will be granted 10,000 shares of restricted stock vesting over the next three years.
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