Whirlpool finalizes separation agreement with former President and COO Liotine, includes $3.87M payment

WHIRLPOOL CORP /DE/

Joseph T. Liotine, former President and COO, entered Waiver and Release Agreement effective March 16, 2023; separation date March 31, 2023.
Liotine receives $3,868,250 in two equal installments (March 2023 and March 2024).
Additional $100,000 outplacement benefits and $20,000 for health coverage.
Restrictive covenants (non-compete, non-solicit) for 24 months; breach triggers 75% clawback of consideration.
Liotine released all claims against Whirlpool; agreement includes confidentiality and cooperation obligations.

item 5.02 item 9.01

Executive movements

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Departed

Joseph T. Liotine

President and Chief Operating Officer

WHR · WHIRLPOOL CORP /DE/

Effective: 2023-03-31
Filed: March 22, 2023, 7:59 PM ET

As reported by Whirlpool Corporation (the “Company”) in its Current Report on Form 8-K, dated January 30, 2023, Joseph T. Liotine, President and Chief Operating Officer of the Company, transitioned to an advisory role, effective January 31, 2023, with Mr. Liotine expected to continue in such advisory role through March 31, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph T. Liotine changed role as President and Chief Operating Officer at WHIRLPOOL CORP /DE/.

Action: transitioned to advisory role and separated
Role: President and Chief Operating Officer

Exact text from the filing

As reported by Whirlpool Corporation (the “Company”) in its Current Report on Form 8-K, dated January 30, 2023, Joseph T. Liotine, President and Chief Operating Officer of the Company, transitioned to an advisory role, effective January 31, 2023, with Mr. Liotine expected to continue in such advisory role through March 31, 2023.

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Source: SEC EDGAR

accession 0001193125-23-076745

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