8-KLeadership ChangesRegulation FDExhibits & Filings

Autodesk, Inc. 8-K Report, Executive Changes (Jun 19, 2017)

Filed June 19, 2017For Securities:ADSK

Summary

Autodesk, Inc. (ADSK) filed an 8-K on June 19, 2017, announcing significant leadership changes. The most crucial update for investors is the permanent appointment of Andrew Anagnost as President and Chief Executive Officer (CEO), effective June 19, 2017. Dr. Anagnost, who had been serving as interim Co-CEO since February 2017, brings extensive experience within Autodesk, having joined in 1997 and held various senior leadership roles. His permanent appointment signals stability and continuity in leadership following a search period. Additionally, the filing details the separation agreement with Amar Hanspal, who will be leaving the company on July 10, 2017. The report also notes the resignations of directors Jeff Clarke and Scott D. Ferguson, effective June 19, 2017. These changes, particularly the CEO appointment, are key for investors to understand the company's direction and executive team's composition moving forward. The terms of Dr. Anagnost's employment agreement, including his base salary, bonus potential, and equity awards, are also outlined, providing insights into executive compensation.

Key Highlights

  • 1Andrew Anagnost officially appointed as President and CEO, effective June 19, 2017, after serving as interim Co-CEO.
  • 2Dr. Anagnost has a long tenure at Autodesk, joining in 1997 and holding various senior product and marketing leadership roles.
  • 3Amar Hanspal will be leaving Autodesk, with his employment officially ending on July 10, 2017, under a separation agreement.
  • 4Directors Jeff Clarke and Scott D. Ferguson have resigned from the Board of Directors, effective June 19, 2017.
  • 5Andrew Anagnost's employment agreement includes an annual base salary of $800,000, with a target annual bonus of at least 125% of base salary.
  • 6Significant equity awards, including performance-based restricted stock units tied to fiscal year 2020 free cash flow and annual recurring revenue goals, are granted to Dr. Anagnost.
  • 7Dr. Anagnost will be nominated to serve on the Board of Directors for as long as he remains employed as CEO.

Frequently Asked Questions

Andrew Anagnost has been appointed as the new President and Chief Executive Officer (CEO) of Autodesk, Inc., effective June 19, 2017. He had previously served as interim Co-CEO since February 8, 2017.

Andrew Anagnost has a long history with Autodesk, having joined in September 1997. He has held numerous senior leadership positions, including interim Co-CEO, Chief Marketing Officer, Senior Vice President of Business Strategy & Marketing, and Vice President of Product Suites and Web Services.

Dr. Anagnost's employment agreement includes an annual base salary of $800,000, eligibility for an annual cash incentive bonus with a target of at least 125% of his base salary, and significant equity awards (both time-based and performance-based) for fiscal year 2018 and in connection with his promotion to CEO. The agreement is at-will, meaning either party can terminate employment with 30 days' notice.

Yes, the filing also states that Amar Hanspal will be leaving Autodesk, with his employment ending on July 10, 2017, under a separation agreement. Additionally, directors Jeff Clarke and Scott D. Ferguson resigned from the Board of Directors, effective June 19, 2017.