Craig Arnold

Chairman and Chief Executive Officer at Eaton Corp

Board

Since June 1, 2016

Age

64 years

Tenure

Joined ETN on 06-01-2000 as Senior Vice President and Group Executive of the Fluid Power Group, later promoted to Vice Chairman and Chief Operating Officer of the Industrial Sector, then to President and Chief Operating Officer, and finally assumed the role of Chairman and Chief Executive Officer on 06-01-2016.

Also at Eaton Corp

Adam Wadecki

Senior Vice President and Controller

Paulo Ruiz

President and Chief Operating Officer

About

Craig Arnold has dedicated over two decades to ETN, leading the organization through significant transformational milestones. His leadership at ETN has been characterized by a focus on operational excellence and strategic realignment, paving the way for growth in areas such as electrification, digitalization, and sustainability.

Throughout his career at the company, he has demonstrated a strong commitment to innovation and portfolio transformation, which has helped reinforce ETN’s competitive edge in the intelligent power management industry. His journey reflects a series of progressive leadership roles, culminating in his current position as Chairman and Chief Executive Officer.

In addition to his executive responsibilities, he actively contributes to broader industry and community initiatives through board memberships and advisory roles. His involvement with various organizations underscores his commitment to both corporate governance and community development.

Craig Arnold is also preparing for retirement on 05-31-2025, marking the end of an era at ETN as he steps aside upon reaching the company’s mandatory retirement age.

$ETN Performance Under Craig Arnold

Past Roles

Organization	Role	Date Range	Details
Eaton Corporation	President and Chief Operating Officer	Until June 2016	Former role following promotion
Eaton Corporation	Vice Chairman and Chief Operating Officer of the Industrial Sector	Until August 2015	Held prior to latest role
Eaton Corporation	Senior Vice President and Group Executive of the Fluid Power Group	Joined in 2000	Initial role at ETN

External Roles

Organization	Role	Date Range	Details
Medtronic plc	Board Member	N/A	Publicly traded company domiciled in Ireland
The Business Roundtable	Board Member	N/A	N/A
University Hospitals Health System	Board Member	N/A	N/A
The Greater Cleveland Partnership	Director	N/A	N/A
United Way of Greater Cleveland	Director	N/A	N/A
The Business Council	Member	N/A	N/A
The Salvation Army of Greater Cleveland	Advisory Board Member	N/A	N/A

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,450,000	Annual	Includes a 3.57% merit increase applied on March 1, 2023, from an original amount of $1,441,667.
All Other Compensation	$234,609	Annual	Total includes various components; specific breakdown details are not provided.

Performance Compensation

Data from FY 2023

Short-Term Incentive (STI)

Metric [Unit]**	Target	Actual	Details
Adjusted EPS (USD)	$8.24	$9.12	Excludes acquisition, divestiture, restructuring charges.
Adjusted OCF (Million USD)	$3,400	$3,624	Includes operating cash flow plus U.S. qualified pension contributions.
Corporate Performance Factor (%)	N/A	158%	Determined by the Committee based on EPS and OCF goals.
Individual Performance Factor (%)	N/A	110%	Based on personal performance criteria.
EIC Target (USD)	$2,320,000	N/A	Base target for STI.
Final Award (USD)	N/A	$4,032,160	Calculated as EIC Target x 158% x 110% (174% of target).

Stock Option Exercises

Metric [Unit]**	Details
Grant Date	February 23, 2023
Grant Date Fair Value (USD)	$3,012,084
Grant Date Stock Price (per share)	$172.78
Number of Options Granted	62,000
Option Exercise Price (USD)	$172.78
Vesting Schedule	1/3 vested annually over 2024, 2025, and 2026
Expiration Date	February 23, 2033
Performance Metrics	Time-based vesting; no performance thresholds apply.

Performance & Restricted Share Unit Vesting

Metric [Unit]**	Details
Grant Date	February 23, 2023
RSU Grant Date Fair Value (USD)	$10,029,689
Stock Option Award Fair Value (USD)	$3,012,084
Vesting Schedule	RSUs vest in approximately equal annual installments over three years; dividend equivalents are paid upon vesting.
Performance Metrics for PSUs	Based on Total Shareholder Return (TSR) relative to a peer group, with awards ranging from 0% to 200% of the target.
Long-Term Incentive Targets	ESIP Target: $5,625,000; RSU and Stock Option Targets: $2,812,500 each.