8-KLeadership ChangesOther EventsExhibits & Filings

Autodesk, Inc. 8-K Report, Executive Changes (Apr 2, 2009)

Filed April 2, 2009For Securities:ADSK

Summary

Autodesk, Inc. (ADSK) filed an 8-K on April 2, 2009, primarily to announce a significant executive transition and provide an update on operational efficiency measures. The most notable event is the appointment of Mark J. Hawkins as the new Executive Vice President and Chief Financial Officer, effective April 27, 2009. Mr. Hawkins brings a wealth of experience from prominent technology companies like Logitech, Dell, and Hewlett-Packard. This appointment signals a strengthening of the company's financial leadership, with Carl Bass transitioning from Interim CFO back to his roles as CEO, President, and Board Member. In addition to the CFO change, Autodesk also announced its intention to implement further cost-saving measures, including additional headcount reductions and facility consolidations. This proactive approach to expense management, coupled with reiterating its business outlook for the upcoming quarter, suggests a focus on navigating the prevailing economic climate. The company also provided context on its use of non-GAAP financial measures, which exclude stock-based compensation, amortization of intangibles, and restructuring charges, to offer a clearer view of ongoing operational performance.

Key Highlights

  • 1Autodesk appointed Mark J. Hawkins as its new Executive Vice President and Chief Financial Officer, effective April 27, 2009.
  • 2Carl Bass will step down as Interim CFO but will continue as CEO, President, and a Board Member.
  • 3Mr. Hawkins has extensive financial leadership experience from Logitech, Dell, and Hewlett-Packard.
  • 4The company announced plans for additional cost reductions, including headcount reductions and facility consolidations.
  • 5Autodesk reiterated its previously announced business outlook for the quarter ending April 31, 2009.
  • 6The filing clarifies the company's use of non-GAAP financial measures, excluding stock-based compensation, amortization of intangibles, and restructuring charges.

Frequently Asked Questions

Autodesk appointed Mark J. Hawkins as its new Executive Vice President and Chief Financial Officer, effective April 27, 2009. Mr. Hawkins, 49, has a strong background in finance, most recently serving as Senior Vice President, Finance and Information Technology, and CFO of Logitech International S.A. Prior to that, he held various finance roles at Dell Inc. and spent 18 years in finance and business management at Hewlett-Packard Company.

Carl Bass will resign as Interim Chief Financial Officer once Mark Hawkins assumes the role. He will continue to serve as Autodesk's Chief Executive Officer, President, and a member of the Board of Directors. This transition allows Mr. Bass to focus on his executive leadership responsibilities while bringing in dedicated financial expertise.

Autodesk announced its intention to take further steps to decrease operating expenses. These measures include additional headcount reductions, facilities consolidations, and other cost-cutting initiatives. This signals a proactive approach to managing expenses in the current economic environment.

The new CFO, Mark Hawkins, will receive an annual base salary of $525,000 (subject to a temporary 10% reduction per company-wide executive program), eligibility for the Autodesk Incentive Plan (AIP) with a target of 75% of base salary, a $200,000 signing bonus, a stock option grant for 150,000 shares vesting over four years, and 25,000 Restricted Stock Units vesting over three years.