Lennox International Inc.
Election of New Director to Lennox International Inc. Board
Summary
On March 15, 2024, Lennox International Inc. announced the election of Sivasankaran Somasundaram to its Board of Directors as a Class III director. Mr. Somasundaram, currently the President and CEO of ChampionX Corporation, will serve until the Company's 2025 annual meeting of stockholders. He will also serve on the Board Governance Committee and the Compensation and Human Resources Committee. His compensation includes an annual retainer of $105,000 and annual equity compensation in the form of Company common stock valued at approximately $150,000. The Board has determined that Mr. Somasundaram is independent with no material conflicts of interest. Additionally, Mr. Somasundaram entered into the Company's standard form indemnification agreement, the details of which are attached as Exhibit 10.1.
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About Lennox International Inc.
Lennox International Inc. is a prominent manufacturer and provider of heating, ventilation, air conditioning, and refrigeration (HVACR) products. Renowned for its innovative solutions, the company's primary focus is to deliver optimal indoor climate control through energy-efficient and sustainable HVAC systems. Serving both residential and commercial sectors, Lennox International's product line includes air conditioners, furnaces, heat pumps, and air handlers, among other critical components. Additionally, the company supplies refrigeration products for the food retail and service industries. Headquartered in Richardson, Texas, Lennox International leverages advanced technology and design to meet the diverse needs of its global customer base. In the financial markets, Lennox International holds a significant position, being recognized for its commitment to sustainability and its ability to adapt to evolving environmental standards and consumer preferences. With a history dating back to 1895, Lennox continues to impact multiple industries by providing reliable HVACR solutions that enhance comfort and energy efficiency.
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