--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-089719" form_type: "8-K" ticker: "CR" cik: "0001944013" company_name: "Crane Co" filed_at: "2023-04-03T23:59:59+00:00" generated_at: "2026-06-17T07:20:27.893982+00:00" event_type: "other_material" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Crane Company completes spin-off from Crane NXT; draws $300M term loan, appoints new board and leadership ## Summary - Crane Company becomes independent public company; common stock (CR) starts trading on NYSE April 4, 2023. - Drew full $300M under senior unsecured term loan; $275M paid as dividend to Crane NXT pre-spin. - Board expanded to nine directors; James L.L. Tullis named chairman, Sanjay Kapoor added effective April 3. - Executive team: Max H. Mitchell CEO, Richard A. Maue CFO, Anthony M. D'Iorio GC; Marijane Papanikolaou to become CAO on April 24. - Separation agreement, transition services, tax, employee, and IP matters agreements executed with Crane NXT (now CXT). ## SEC filing metadata - accession: 0001193125-23-089719 - form_type: 8-K - ticker: CR - cik: 0001944013 - company_name: Crane Co - filed_at: 2023-04-03T23:59:59+00:00 - event_type: other_material - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.03, 3.03, 5.03, 5.01, 5.02, 5.05, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/d491941d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-089719 - JSON: https://secwatch.observer/filing/0001193125-23-089719.json - Plain text: https://secwatch.observer/filing/0001193125-23-089719.txt ## Key facts - Debt Financings Crane Co incurred term loan of $300 million. - Instrument: term loan - Principal: $300 million - Event: incurrence source text: On April 3, 2023, the Company drew down the full $300 million available under the Term Loan. evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change John S. Stroup was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Jennifer M. Pollino was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Anthony M. D'Iorio resigned as Director at Crane Co. - Action: resigned - Role: Director source text: each of Richard A. Maue and Anthony M. D’Iorio resigned from his position as a director on the Company Board. evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change James L. L. Tullis was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Richard A. Maue resigned as Director at Crane Co. - Action: resigned - Role: Director source text: each of Richard A. Maue and Anthony M. D’Iorio resigned from his position as a director on the Company Board. evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Max H. Mitchell was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Ellen McClain was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Sanjay Kapoor was appointed as Director at Crane Co. - Action: appointed - Role: Director source text: Effective as of the consummation of the Spin-Off on April 3, 2023, Sanjay Kapoor was appointed to serve as an additional director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change James L. L. Tullis was appointed as Chairman of the Board at Crane Co. - Action: appointed - Role: Chairman of the Board source text: James L. L. Tullis was appointed to serve as the chairman of the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Martin R. Benante was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Ronald C. Lindsay was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Executive change Charles G. McClure, Jr. was elected as Director at Crane Co. - Action: elected - Role: Director source text: each of James L. L. Tullis, Martin R. Benante, Ronald C. Lindsay, Ellen McClain, Charles G. McClure, Jr., Max H. Mitchell, Jennifer M. Pollino and John S. Stroup was elected to serve as a director on the Company Board evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Governance Changes Crane Co: Board adopted a Code of Business Conduct and Ethics in connection with the Spin-Off. - Change: code of ethics source text: In connection with the Spin-Off, the Company Board adopted a Code of Business Conduct and Ethics. evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Governance Changes Crane Co: By-laws amended and restated (effective 2023-03-28). - Change: bylaw amendment - Effective: 2023-03-28 source text: the by-laws of the Company were amended and restated (the "Amended and Restated By-Laws") evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm - Governance Changes Crane Co: Certificate of incorporation amended and restated (effective 2023-03-28). - Change: charter amendment - Effective: 2023-03-28 source text: Effective as of March 28, 2023, the certificate of incorporation of the Company was amended and restated (the "Amended and Restated Certificate of Incorporation") evidence_url: https://www.sec.gov/Archives/edgar/data/1944013/000119312523089719/0001193125-23-089719-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.