The chairman of T Rowe Price Group and a former chief financial officer of CBS have been appointed to United Technologies Corp.’s board of directors. They join 11 other board members, 10 of whom are independent.
Brian C. Rogers, is chairman of global investment management firm T. Rowe Price Group Inc., and Fredric G. Reynolds, is former CFO of CBS Corp.
“Brian and Fred are widely respected throughout the business world for their financial expertise and clear understanding of investor interests and how great companies are run,” said Edward A. Kangas, non-executive chairman of UTC’s board.
Rogers, 60, has 36 years of investment experience, 33 of which have been at T. Rowe Price Group. He has served as Chairman of the Price Group board since 2007 and as the company’s Chief Investment Officer since 2004. He managed one of the firm’s biggest funds, the T. Rowe Price Equity Income Fund, for 30 years.
Reynolds, 65, served as executive vice president and CFO of CBS from January 2006 until his retirement in August 2009. Earlier, he served as president and CEO of Viacom Television Stations group.
As participants in UTC’s non-employee director compensation program, both men will receive a minimum base retainer of $280,000 in cash and deferred stock units, plus additional amounts for certain committee assignments. New non-employee directors also receive a one-time restricted stock unit award of $100,000, which vests over five years, according UTC’s latest compensation filing with the U.S. Securities & Exchange Commission.
