Rogers Corp. and President and CEO Robert D. Wachob have agreed to a new short-term contract that paves way for his impending successor at the Killingly technology manufacturer, regulatory filing shows.
Wachob, who turns 65 next June 28, must retire not long after, according to an 8-K filing with the Securities and Exchange Commission.
The 19-month employment agreement signed Aug. 5 runs through March 1, 2013, Wachob’s scheduled retirement date, the filing shows.
According to Rogers spokesman William Tryon, the company board of directors is currently interviewing internal and outside candidates to succeed Wachob. Tryon did not identify the candidates.
“We want to ensure there’s a smooth transition for whoever is coming in as a successor,” Tryon said.
Once his successor has been named, Rogers will set a transition date for the new CEO. Wachob would then stay on as a consultant collecting a $45,419.50 monthly retainer until his retirement date, the Aug. 5 filing states.
Wachob also received an immediate grant of 50,000 stock options with a staggered, five-year maturity term, the filing shows. Wachob’s base salary is $500,000 a year, according to Forbes magazine.
Before becoming became CEO in April 2004, Wachob was president and chief operating officer from April 2002. Wachob joined the company in 1984 in sales and marketing and operations.
Rogers makes, among other things, printed circuit boards and foam materials used in wireless and other portable electronic devices.
