secwatch.observer — SEC 8-K summary
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Issuer:     CUMMINS INC (CMI)
CIK:        0000026172
Form:       8-K
Filed at:   2022-07-14T23:59:59+00:00
Accession:  0000026172-22-000032
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Jennifer Rumsey named CEO of Cummins effective Aug 1; Linebarger becomes Executive Chairman
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- Tom Linebarger ends CEO term Aug 1, 2022; serves as Executive Chairman and Board Chairman.
- Jennifer Rumsey, previously President & COO, becomes 7th CEO and first woman to lead Cummins (founded 1919).
- Rumsey's base salary increased to $1.5M, target bonus to 175% of salary, LTI grant to $7.5M.
- Linebarger's base salary reduced to $1.15M, target bonus at 150% of salary; no future LTI grants.
- Rumsey co-authored Destination Zero strategy; board cites her technical expertise and leadership.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/26172/000002617222000032/0000026172-22-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/26172/000002617222000032/cmi-20220712.htm
  HTML page:      https://secwatch.observer/filing/0000026172-22-000032

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer