Hyster-Yale, Inc.: appoints Matthew Cornell as CFO

What happened

• The filing says the Board of Directors appointed Matthew Cornell to serve as the company’s senior vice president, chief financial officer, effective Nov 1, 2026.
• The filing says Rajiv K. Prasad will continue to serve as the company’s principal financial officer until the filing of the company’s Quarterly Report on Form 10-Q for the fiscal quarter ending Sep 30, 2026, following which Mr. Cornell will assume the role of principal financial officer on Nov 4, 2026.
• The filing says Mr. Cornell, 46, previously served as President and General Manager, Specialty Tools & Storage Solutions for Stanley Black & Decker, Inc. from Oct 2022 to Oct 2025 and as Chief Financial Officer, Industrial Segment for Stanley from May 2020 to Jun 2024.

Key details

• Initial base salary of $605,000 per year.
• Annual incentive target equal to 60% of the role’s salary midpoint (salary midpoint $626,800 for 2026), payable 0% to 150% based on performance; 2026 award to be prorated.
• Long-term equity target equal to 90% of the role’s salary midpoint (with a 15% uplift under plan terms), payable 0% to 200% based on performance; payment 65% in transfer-restricted shares and 35% in cash; 2026 award to be prorated.
• Additional items: $75,000 sign-on cash bonus ($30,000 on first payroll, $45,000 upon relocation if before Aug 1, 2027); one-time award of 3,500 shares plus cash equal to 35% of the award’s value (fully vested shares generally subject to transfer restrictions for five years); $20,000 per year perquisite cash allowance; customary relocation and tax assistance (with repayment conditions if Mr. Cornell resigns within two years); standard employee benefits; customary non-compete and confidentiality terms. The filing says there are no arrangements with other persons related to the appointment, no family relationships with company directors or officers, and no related party transactions requiring disclosure under Item 404(a) of Regulation S-K.

Why it may matter

• The filing reports an officer change under Item 5.02 (departure of directors or certain officers; election of directors), and it includes the appointment, transition timing for the principal financial officer role, and related compensation and agreement terms. The filing does not show why the insider traded or why the company acted.