Specialty materials company Rogers Corp. on Wednesday named Bruce D. Hoechner its new president and CEO, effective Oct. 3. The company said the new executive will receive $1.2 million in equity awards when he starts the job.
Hoechner, 51, will succeed Robert D. Wachob, 64, who will become chairman.
Wachob said in a statement that Hoechner's hiring is the result of a succession plan almost two years in the making. He said he plans to retire "after executing a successful transition," likely sometime in 2012.
Hoechner, who will become also join the company's board, most recently was based in Shanghai with Dow Chemical Co., where he was president of the company's advanced materials division for the Asia Pacific region. Prior to that, he worked for 28 years for Rohm and Haas, which was bought by Dow in 2009.
Rogers said it will grant Hoechner time-based restricted stock units with an initial value of $400,000, which will vest in four years, if he remains employed by the company. He'll receive a second series of time-based restricted stock units, also with an initial value of $400,000, which will vest in equal one-third increments on the anniversary of the grant. And he will receive non-qualified time-based stock options with an initial value of $400,000 that vest in three increments, with the total vesting in 2015, if he is still employed by the company.
