Company: MWA
Filing Date: 2025-11-06
Form Type: 8-K
Source: 0001350593-25-000057
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Company: Mueller Water Products, Inc.
Filing Date: 2025-11-06
Form: 8-K
Item: Item 5.02
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Executive Officer Transition

On November 6, 2025, Mueller Water Products, Inc. (the “ Company”) announced that Marietta E. Zakas will retire as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors (the “ Board”), effective as of February 9, 2026 (the “ Transition Date”). In connection with Ms. Zakas’ retirement, the Company’s Board of Directors appointed Paul McAndrew as President and Chief Executive Officer, effective as of the Transition Date.

Mr. McAndrew, 51, has served as the Company’s President and Chief Operating Officer since May 2024. Prior to then, Mr. McAndrew had served as the Company’s Executive Vice President and Chief Operating Officer from August 2023 to May 2024 and as the Company’s Senior Vice President of Global Operations and Supply Chain from November 2022 to August 2023. Prior to joining the Company, Mr. McAndrew served as Vice President and General Manager of Professional Tools in the Commercial and Residential Solutions business of Emerson Electric Co. from April 2017 to November 2022.

Outgoing Chief Executive Officer Arrangements

In connection with Ms. Zakas’ retirement, the Company and Ms. Zakas entered into a Transition Agreement (the “ Transition Agreement”), pursuant to which Ms. Zakas will serve as a Senior Advisor to the Company beginning on the Transition Date through December 31, 2026 (“ Transition Period”). Pursuant to the Transition Agreement, Ms. Zakas will be paid her current base salary, pro-rated from the Transition Date to December 31, 2026.

The Transition Agreement further provides for the following payments and benefits, subject to Ms. Zakas’ execution of an effective release of claims: (i) a prorated annual bonus for fiscal year 2026, determined based on the greater of target and actual performance, (ii) a reduced fiscal year 2026 equity award, to be granted as performance-based restricted stock units with a grant date value of $2,000,000, (iii) COBRA continuation coverage with monthly payments equal to 150% of the applicable monthly COBRA rate for the first 12 months of coverage (which coverage may be extended for an additional 24 month period at Ms. Zakas’ expense), (