nVent Electric plc (NYSE:NVT), a global leader in electrical connection and protection solutions, announced today the appointment of Gary Corona as Executive Vice President and Chief Financial Officer, effective March 31, 2025. He will succeed Sara E. Zawoyski, who will transition to the role of President of Systems Protection.
Gary Corona, 51, brings extensive financial expertise to nVent Electric, having served as Senior Vice President, Corporate Finance at Medtronic (NYSE:MDT) plc, where he was also the interim Chief Financial Officer from August 2024 to March 2025. Prior to Medtronic, Corona held various finance roles at General Mills (NYSE:GIS), Inc. over a 26-year period. The appointment comes as nVent’s stock trades at a P/E ratio of 27.3, with InvestingPro analysis indicating the stock is currently trading near its Fair Value.
Corona’s compensation package includes an annual base salary of $600,000, with a target annual incentive compensation opportunity of 80% of his base salary, prorated for 2025. Additionally, he will receive a long-term incentive award of restricted stock units valued at $1,500,000, vesting over three years, a new hire cash bonus of $500,000 subject to a two-year repayment clause, and a new hire equity award of restricted stock units worth $2,500,000, vesting after four years.
The company’s Compensation and Human Capital Committee approved the remuneration terms, which align with nVent’s executive compensation practices disclosed in the 2024 Proxy Statement. Corona will also be covered by a Key Executive Employment and Severance Agreement, which offers severance benefits in the event of involuntary termination following a change in control of the company, as detailed in the agreement filed with the SEC. InvestingPro analysis reveals additional insights, including expectations for net income growth this year and strong return over the last five years, with 10+ more exclusive ProTips available to subscribers.
nVent Electric’s strategic executive changes come as the company continues to drive growth and innovation within the electrical industry. The information is based on a press release statement and reflects nVent Electric’s commitment to strong leadership and governance.
In other recent news, nVent Electric plc reported fourth-quarter earnings that aligned with analyst expectations, with adjusted earnings per share of $0.59. However, the company fell short on revenue, reporting $752 million against an analyst estimate of $771.18 million. For the full year 2024, nVent achieved sales of $3.0 billion, marking a 13% increase from the previous year, and adjusted earnings per share rose by 7% to $2.49. Looking forward, nVent provided guidance for the first quarter of 2025, anticipating adjusted earnings per share between $0.65 and $0.67. In other developments, nVent announced a definitive agreement to acquire Avail Infrastructure Solutions’ Electrical Products Group for $975 million. This acquisition is expected to enhance nVent’s offerings in key sectors like power utilities and data centers. The transaction is anticipated to close in the first half of 2025, pending customary conditions. Additionally, nVent made strategic executive appointments to drive growth, including Gary Corona as Executive Vice President and Chief Financial Officer and Robert van der Kolk as President of EMEA and APAC.
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