Crane NXT announces executive departure and compensation details

WALTHAM, MA – Crane NXT , Co. (NYSE:CXT), a company specializing in miscellaneous fabricated metal products and maintaining consistent profitability over the last twelve months according to InvestingPro data, disclosed Monday the departure of a key executive and the terms of her separation agreement. Jennifer Kartono, Senior Vice President and Chief Human Resources Officer, will leave her position effective March 1, 2025, and will no longer be an employee as of April 25, 2025. The announcement comes as the company’s stock has experienced significant movement over the past week.

According to the 8-K filing with the Securities and Exchange Commission, the company has entered into a separation agreement with Ms. Kartono on February 11, 2025. Under the terms of this agreement, Ms. Kartono will receive a series of lump-sum payments following her departure. These include $440,000 representing one year’s base salary, $51,000 as a payout under the company’s annual incentive plan for 2025, and $59,182.80 intended to cover one year of COBRA health insurance expenses.

The agreement stipulates that these payments are contingent upon Ms. Kartono’s execution and non-revocation of a release of claims and adherence to the terms of the separation agreement, which includes certain restrictive covenants.

The announcement comes as Crane NXT continues to navigate the manufacturing sector, which has seen significant changes in leadership roles across various companies in recent times. The information provided in the SEC filing offers a transparent view of the compensatory arrangements for departing executives within the company. Analysts tracked by InvestingPro predict continued profitability for the company this year, with additional insights available through InvestingPro’s comprehensive research reports covering over 1,400 US stocks.

Crane NXT, formerly known as Crane Holdings, Co., and prior to that CRANE CO /DE/, has undergone several name changes, with the most recent occurring on May 27, 2022. The company is incorporated in Delaware and has its principal executive offices located in Waltham, Massachusetts.

The details of Ms. Kartono’s separation agreement were made available in an exhibit attached to the Current Report on Form 8-K. This report is based on a press release statement and provides a factual account of the events as disclosed by Crane NXT, Co. in their recent SEC filing.

In other recent news, Crane NXT, a Delaware-based company, has fortified its financial position by amending its existing credit agreement. The amendment includes an additional $200 million in revolving commitments and £300 million in delayed draw term loan commitments. The deal was orchestrated in partnership with JPMorgan Chase (NYSE:JPM) Bank, N.A., along with other lenders, raising Crane NXT’s total revolving commitments to $700 million.

These newly acquired funds are set aside for the purchase of De La Rue (LON:DLAR) plc’s authentication division, De La Rue Authentication Solutions, subject to standard closing conditions. The additional capital from the delayed draw term loans, along with Crane NXT’s current cash reserves, is expected to support this significant expansion of the company’s operations.

The announcement comes as Crane NXT continues to compete in the fabricated metal products sector. The company plans to use the additional financial flexibility to enhance its market position following the completion of the acquisition. The details of the Second Amendment to the credit agreement have been filed with the U.S. Securities and Exchange Commission, providing insight into the company’s financial strategy.

This move aligns with Crane NXT’s history of strategic decisions, including name changes dating back to 1992 and 2022, reflecting its evolving business approach. These are some of the recent developments in Crane NXT’s operations.

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