Fortive to spin off Precision Technologies into NewCo; CEO Lico to retire, Soroye to take over

Fortive Corp

Plans tax-free spin-off of Precision Technologies segment into a separate public company, targeting Q4 2025 completion.
CEO Jim Lico to retire at spin completion; Olumide Soroye to become Fortive CEO; Tami Newcombe to lead NewCo.
CFO Chuck McLaughlin to retire by end of Q1 2025.
Reaffirms Q3 and full-year 2024 outlook; plans to use ~75% of free cash flow for share repurchases until spin.
Remaining Fortive will have ~50% recurring revenue; NewCo to focus on secular trends in test & measurement, aerospace and defense.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

James A. Lico

President and Chief Executive Officer

FTV · Fortive Corp

Filed: September 4, 2024, 7:59 PM ET

On August 31, 2024, James A. Lico notified the Board of Directors of Fortive Corporation (the “Company” or “Fortive”) of his decision to retire as President and Chief Executive Officer, and as a director, of the Company, effective upon the consummation of the proposed spin-off

Departed

Charles E. McLaughlin

Senior Vice President and Chief Financial Officer

FTV · Fortive Corp

Filed: September 4, 2024, 7:59 PM ET

In addition, on August 30, 2024, Charles E. McLaughlin notified the Company of his decision to retire as Senior Vice President and Chief Financial Officer of the Company by the end of the first quarter of 2025.

Departed

James A. Lico

Director

FTV · Fortive Corp

Filed: September 4, 2024, 7:59 PM ET

On August 31, 2024, James A. Lico notified the Board of Directors of Fortive Corporation (the “Company” or “Fortive”) of his decision to retire as President and Chief Executive Officer, and as a director, of the Company, effective upon the consummation of the proposed spin-off

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

James A. Lico departed as President and Chief Executive Officer at Fortive Corp.

Action: retire
Role: President and Chief Executive Officer

Exact text from the filing

On August 31, 2024, James A. Lico notified the Board of Directors of Fortive Corporation (the “Company” or “Fortive”) of his decision to retire as President and Chief Executive Officer, and as a director, of the Company, effective upon the consummation of the proposed spin-off

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Charles E. McLaughlin departed as Senior Vice President and Chief Financial Officer at Fortive Corp.

Action: retire
Role: Senior Vice President and Chief Financial Officer

Exact text from the filing

In addition, on August 30, 2024, Charles E. McLaughlin notified the Company of his decision to retire as Senior Vice President and Chief Financial Officer of the Company by the end of the first quarter of 2025.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

James A. Lico departed as Director at Fortive Corp.

Action: retire
Role: Director

Exact text from the filing

On August 31, 2024, James A. Lico notified the Board of Directors of Fortive Corporation (the “Company” or “Fortive”) of his decision to retire as President and Chief Executive Officer, and as a director, of the Company, effective upon the consummation of the proposed spin-off

View on SEC.gov

Fortive Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-213187

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.