Crane Company (CR) elevates Alex Alcala to CEO as Max Mitchell becomes Executive Chairman

Rhea-AI Filing Summary

Crane Company announced a planned leadership transition effective April 27, 2026. Executive Vice President and Chief Operating Officer Alejandro (Alex) Alcala will become President and Chief Executive Officer, while current Chairman, President and CEO Max Mitchell will move to Executive Chairman and remain on the Board.

Alcala’s 2026 annual base salary will be $950,000, and his target annual cash incentive will be 110% of base salary. On January 26, 2026, he received $4.15 million in long-term incentives, allocated as 55% performance-based restricted share units, 25% stock options, and 20% time-based restricted share units. Mitchell’s 2026 base salary will be $900,000 with a 110% target cash incentive, and he received $3.25 million in long-term incentives with the same mix and vesting structure, aligning both leaders’ pay with multi-year shareholder returns.

Insights

Corporate governance and executive compensation analyst

Crane is executing a planned CEO handoff while keeping the outgoing CEO as Executive Chairman, with incentives tied to long-term shareholder returns.

The company is elevating Alex Alcala from COO to President and CEO, while Max Mitchell becomes Executive Chairman on April 27, 2026. This keeps operational continuity through an internal successor while retaining Mitchell’s experience at the board level, a common approach for staged leadership transitions.

Compensation for both executives is structured around multi-year performance. Alcala’s 2026 long-term incentive of $4.15 million and Mitchell’s $3.25 million are each 55% performance-based restricted share units tied to relative total shareholder return over three years, with stock options and time-based RSUs vesting over four years. This design emphasizes sustained performance rather than short-term results.

The move slightly shifts cash compensation, with Alcala’s base salary rising to $950,000 and Mitchell’s decreasing to $900,000, both paired with a target annual cash incentive of 110% of base salary. Subsequent disclosures in future company filings may provide more detail on how this leadership change aligns with long-term strategy and operational priorities.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 FORM 8-K

 CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 26, 2026

CRANE COMPANY

(Exact name of registrant as specified in its charter)

DELAWARE

(State or other jurisdiction of incorporation)

Delaware			1-41570						88-2846451
(State or other jurisdiction of incorporation or organization)			(Commission File Number)						(I.R.S. Employer Identification No.)
100 First Stamford Place			Stamford			CT			06902
(Address of Principal Executive Offices)									(Zip Code)

Registrant’s telephone number, including area code: 203-363-7300

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, par value $1.00			CR			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously announced and disclosed on January 26, 2026, the Board of Directors of Crane Company (the “Company”) elected Alejandro (Alex) Alcala, who is currently serving as Executive Vice President and Chief Operating Officer, to the position of President and Chief Executive Officer of the Company, and Max Mitchell, who is currently serving as Chairman, President and Chief Executive Officer of the Company, will continue his service on the Board as Executive Chairman, both effective as of April 27, 2026 (the “Effective Date”).

In connection with his transition to President and Chief Executive Officer of the Company, Mr. Alcala’s annual 2026 base salary will increase to $950,000 and his target annual cash incentive opportunity for 2026 will increase to 110% of his annual base salary, both as of the Effective Date. In addition, on January 26, 2026, Mr. Alcala received long-term incentive awards for 2026 of $4.15 million, with 55% of the long-term incentive awards in the form of performance-based restricted share units (“PRSUs”), 25% in the form of stock options and 20% in the form of time-based restricted share units ("RSUs"). Consistent with the Company’s existing long-term incentive award program, the PRSUs will vest based on the Company’s relative total shareholder return over a three-year performance period, and the stock options and RSUs will vest ratably over four years.

In connection with his transition to Executive Chairman, Mr. Mitchell’s annual 2026 base salary will decrease to $900,000 and his target annual cash incentive opportunity for 2026 will decrease to 110% of his annual base salary, both as of the Effective Date. In addition, on January 26, 2026, Mr. Mitchell received long-term incentive awards for 2026 of $3.25 million, with 55% of the long-term incentive awards in the form of PRSUs, 25% in the form of stock options and 20% in the form of RSUs. Consistent with the Company’s existing long-term incentive award program, the PRSUs will vest based on the Company’s relative total shareholder return over a three-year performance period, and the stock options and RSUs will vest ratably over four years.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CRANE COMPANY

January 29, 2026

By:

/s/ Anthony M. D’Iorio

Anthony M. D’Iorio

Executive Vice President, General Counsel and

Secretary

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FAQ

What leadership changes did Crane Company (CR) announce in this 8-K?

Crane Company announced that Alejandro (Alex) Alcala, currently Executive Vice President and COO, will become President and CEO on April 27, 2026. Max Mitchell will step down as CEO on that date and continue serving as Executive Chairman of the Board.

How will Alejandro Alcala be compensated as Crane Company CEO in 2026?

Alejandro Alcala’s 2026 base salary will be $950,000, with a target annual cash incentive equal to 110% of salary. On January 26, 2026, he also received $4.15 million in long-term incentive awards, split among PRSUs, stock options, and RSUs.

What long-term incentives did Max Mitchell receive as future Executive Chairman of Crane (CR)?

Max Mitchell received $3.25 million in long-term incentive awards for 2026. The mix is 55% performance-based restricted share units, 25% stock options, and 20% time-based restricted share units, aligning his compensation with multi-year relative total shareholder return and continued leadership contributions.

How are Crane Company’s PRSUs for executives structured in this filing?

Performance-based restricted share units (PRSUs) granted to both executives will vest based on Crane Company’s relative total shareholder return over a three-year performance period. This means actual vesting depends on how Crane’s shareholder returns compare to peers over that multi-year timeframe.

What changes occur to Max Mitchell’s salary and bonus as Executive Chairman of Crane?

Effective April 27, 2026, Max Mitchell’s 2026 annual base salary will decrease to $900,000. His target annual cash incentive opportunity for 2026 will be 110% of that base salary, reflecting his new role as Executive Chairman while maintaining performance-based cash compensation potential.

Over what period do Crane executives’ stock options and RSUs vest?

For the 2026 awards, stock options and time-based restricted share units (RSUs) granted to both Alcala and Mitchell will vest ratably over four years. This gradual vesting schedule is designed to support ongoing retention and alignment with Crane Company’s longer-term performance.