8-KLeadership ChangesExhibits & Filings

Autodesk, Inc. 8-K Report, Executive Changes (Nov 9, 2011)

Filed November 9, 2011For Securities:ADSK

Summary

Autodesk, Inc. filed an 8-K on November 9, 2011, to report two key board-level changes. The most significant development is the appointment of Stacy J. Smith to the Board of Directors. Mr. Smith brings extensive financial and operational experience, having served as Senior Vice President and Chief Financial Officer of Intel Corporation since 2010, with a career spanning various leadership roles within Intel globally. His appointment is effective November 7, 2011, and he will receive standard non-employee director compensation, including an annual fee and stock options. Additionally, the filing announces the immediate resignation of Sean M. Maloney from the Board of Directors and the Corporate Governance and Nominating Committee, effective November 4, 2011. Mr. Maloney is departing to focus entirely on his new role as chairman of Intel China. These changes indicate a dynamic period for Autodesk's board composition, with the addition of a seasoned financial executive and a departure driven by external responsibilities.

Key Highlights

  • 1Autodesk appointed Stacy J. Smith, currently SVP and CFO of Intel Corporation, to its Board of Directors, effective November 7, 2011.
  • 2Mr. Smith's extensive background includes leadership roles in finance, sales, marketing, and IT at Intel since 1988.
  • 3As a non-employee director, Mr. Smith will receive annual compensation of $75,000 and an initial stock option grant for 50,000 shares, vesting over three years.
  • 4The appointment of Mr. Smith to the board adds significant financial and operational expertise, particularly relevant given his CFO role at a major technology company.
  • 5Sean M. Maloney resigned from the Board of Directors and the Corporate Governance and Nominating Committee, effective November 4, 2011.
  • 6Mr. Maloney's resignation is to allow him to fully concentrate on his new position as chairman of Intel China.
  • 7The company included a press release dated November 9, 2011, announcing Mr. Smith's appointment as an exhibit.

Frequently Asked Questions

Stacy J. Smith is a seasoned executive who, as of November 2011, serves as the Senior Vice President and Chief Financial Officer of Intel Corporation. His appointment to Autodesk's Board of Directors is significant because it brings a wealth of financial and operational leadership experience from a major technology company. His background in global finance, sales, marketing, and IT operations is expected to be valuable to Autodesk's strategic oversight.

As a non-employee director, Mr. Smith will participate in Autodesk's standard compensation arrangements for directors. This includes an annual compensation of $75,000 and an initial stock option grant to purchase 50,000 shares of Autodesk's common stock. These options will be granted at the fair market value on the date of grant and will vest over a three-year period.

Sean M. Maloney resigned from the Board of Directors and the Corporate Governance and Nominating Committee to dedicate his full attention to his new responsibilities as the chairman of Intel China. This is a strategic move to prioritize his leadership role in a significant international market.

This particular 8-K filing is primarily focused on reporting changes to the Board of Directors. It does not contain new financial statements or material updates on the company's financial performance beyond the compensation details for the new director and the resignation announcement.