Mueller Water Products: CFO transition and new CFO appointment

What happened

• Mueller Water Products announced that Melissa Rasmussen will step down as Senior Vice President and Chief Financial Officer, effective as of the first business day following the date on which the company files its Annual Report on Form 10-K for the fiscal year ended Sep 30, 2026 (the "Transition Date").
• The board appointed Mike Morgan as Executive Vice President, Finance, effective Oct 28, 2026; Mr. Morgan, age 56, will assume the role of Executive Vice President and Chief Financial Officer as of the Transition Date.

Key details

• Ms. Rasmussen and the company entered into a Transition Agreement under which she will serve as Senior Advisor from the Transition Date through Dec 31, 2026 and will continue to receive her current base salary through the Transition Period; she is eligible for an annual bonus for fiscal year 2026 (based on actual performance), a retention payment of $431,897, and severance benefits under the company’s Executive Severance Plan, subject to execution and non-revocation of a release. Her equity awards remain outstanding and eligible to vest during the Transition Period.
• Mr. Morgan’s Offer Letter provides an annual base salary of $575,000 (effective Oct 28, 2026), a target annual bonus equal to 80% of base salary, a target annual long-term incentive of $1,300,000 beginning with fiscal year 2027, an initial equity award with a grant date value of $500,000 vesting in equal installments on the first and second anniversaries, a one-time cash sign-on bonus of $700,000 payable Jan 1, 2027, an annual commuter benefit of $100,000, and eligibility under the Executive Severance Plan (including a 2.0 times base salary payment if terminated without Cause and enhanced payments and vesting if termination occurs within two years of a change in control).

Why it may matter

• The filing reports Item 5.02 (departure of a named executive officer and appointment of a successor) and Item 7.01 (Regulation FD disclosure via a press release dated Oct 12, 2026). This filing does not show why the insider traded or why the company acted.