Mueller Water Products, Inc. announced a leadership transition within its finance department on October 12, 2026. The company stated that Melissa Rasmussen, Senior Vice President and Chief Financial Officer, will step down from her role effective the first business day following the filing of the company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2026.
The company confirmed that Ms. Rasmussen’s departure is not the result of any disagreement regarding the company’s financial statements, internal controls, or operations. To ensure a smooth handover, Ms. Rasmussen will remain with the company in an advisory capacity from the transition date through December 31, 2026.
In her place, the Board of Directors has appointed Mike Morgan as Executive Vice President, Finance. Mr. Morgan will assume the role of Executive Vice President and Chief Financial Officer on or about November 19, 2026. He is currently the CFO of Indicor, a privately held industrial solutions company, where he has served since April 2025. Prior to that, Mr. Morgan spent a decade at Labcorp Holdings Inc., where he held roles including Senior Vice President of Enterprise Finance and CFO of its Biopharma Lab Services segment.
The company provided specific details regarding the compensation for both executives. Mr. Morgan’s offer letter stipulates an annual base salary of $575,000 with a target annual bonus opportunity of 80% of his base salary. Beginning with fiscal year 2027, he will have a target long-term incentive opportunity of $1.3 million. He is also set to receive an initial equity award valued at $500,000 and a one-time cash sign-on bonus of $700,000 payable on January 1, 2027.
Ms. Rasmussen’s transition agreement provides for a retention payment of $431,897, an annual bonus for fiscal year 2026 based on company performance, and continued receipt of her base salary through the end of the transition period. Her equity awards will remain outstanding and eligible to vest during this period.
