MILWAUKEE — The executive committee of Johnson Controls has found that the company's top executive violated its ethics policy by failing to promptly disclose a personal relationship with a consultant.
Johnson Controls says CEO violated ethics policy; board reduces his bonus by about $1 million
December 10, 2014 at 9:15AM
The Milwaukee Journal Sentinel reports (http://bit.ly/1Ad6Pyu ) the company said Tuesday it has reduced CEO Alex Molinaroli's annual bonus by about $1 million. Molinaroli made $19.5 million in the 2014 budget year after starting the top job in October 2013.
The board retained an outside law firm to investigate the affair allegations. The executive committee determined the consultant didn't provide input to the board of directors regarding Molinaroli's promotion. It says there was no misuse of corporate assets or improper influence over the assignments given to the consulting firm.
Johnson Controls makes automotive and building systems and is headquartered in Milwaukee.
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