Kadant Inc. filed an 8-K with the U.S. Securities and Exchange Commission on September 10, 2026, disclosing a board-approved succession plan that appoints Michael C. Colwell as the company's next president and chief executive officer and details the transition terms for current CEO Jeffrey L. Powell.

Key Highlights

  • New president and COO: Michael C. Colwell was appointed president and chief operating officer effective October 1, 2026, and will become president and chief executive officer effective January 2, 2027.
  • Board seat for Colwell: Colwell will join the board of directors effective January 2, 2027, serving in the class of directors whose term ends in 2028, with no additional compensation for board service.
  • Powell's transition: Jeffrey L. Powell will become executive chairman on January 2, 2027, and will work on a part-time basis until his planned retirement on January 1, 2028, at which point he is expected to remain as non-executive chairman.
  • Powell's base salary: Powell will continue at an annualized base salary of $998,900 through January 2, 2027, reduced to $499,450 as executive chairman through his Retirement Date.
  • Powell's bonus targets: Powell is eligible for a target bonus of $1,038,000 for the fiscal year ending January 2, 2027, and $519,000 for the fiscal year ending January 1, 2028.
  • Chairman departure: Jonathan W. Painter, current chairman of the board, notified the company that he will cease to serve as a director on January 2, 2027, stating his resignation "did not result from any disagreement with the Company."
  • Potential RSU grant: If restricted stock unit awards are granted to executive officers in March 2027, any such award to Powell will be equal in value to $1,862,000, calculated using the closing price of common stock at the time of the grant.

Kadant's Planned Leadership Transition: Roles, Dates, and Compensation Terms

According to the filing, Kadant's board of directors adopted the succession plan on September 10, 2026. Colwell, age 60, has been a senior vice president since December 2024 and was previously a vice president from August 2022 to December 2024, with responsibility for the company's Industrial Processing segment. The filing notes he earlier served as president of Kadant Carmanah Design from 2013 to 2019, and as president and chief executive officer of Carmanah Design and Manufacturing Inc. from April 2010 until its acquisition by the company in November 2013. The company disclosed that Colwell is not related to any directors or executive officers and that there are no related person transactions reportable under Item 404(a) of Regulation S-K.

The filing details a Transition and Executive Chairman Agreement between the company and Powell, effective October 1, 2026, that terminates upon Powell's Retirement Date of January 1, 2028, or upon his earlier resignation, termination, death, or disability. Under the agreement, Powell's outstanding restricted stock unit awards will continue under existing plans and agreements, with a board-approved revision providing that, if he remains employed through the Retirement Date, unvested awards that would otherwise vest after March 10, 2027 will accelerate in full, subject to Powell providing an effective release. The filing also states that, beginning January 2, 2028, if Powell continues as a director after retirement, he will receive the compensation paid to non-employee directors.

Regarding termination provisions, the filing states that if Powell's employment is terminated by the company without Cause prior to the Retirement Date, or as a result of his death, he or his estate will receive, contingent on an effective release (other than in the case of death), an amount equal to the base salary and maximum 401(k) matching contribution that would have been paid through his planned retirement date, plus applicable bonus amounts and COBRA premium contributions, with all outstanding unvested restricted stock units vesting in full. The filing notes that in the event of both a change in control and termination before the Retirement Date, different terms would apply, though the source text was not complete on this point. Kadant's common stock trades on the New York Stock Exchange under the symbol NYSE:KAI.

What Was Disclosed

Kadant disclosed a CEO succession plan naming Michael C. Colwell as incoming president and CEO, detailed transition and compensation terms for departing CEO Jeffrey L. Powell through his planned January 1, 2028 retirement, and announced that current board chairman Jonathan W. Painter will step down on January 2, 2027.