Summary
American Express Company (AXP) announced a key executive change on November 4, 2011, with the appointment of Linda Zukauckas as Executive Vice President, Corporate Comptroller, and Principal Accounting Officer, effective November 28, 2011. This appointment fills a critical role previously held by David Cornish in an acting capacity since May 2011. Ms. Zukauckas brings substantial experience from her 11-year tenure at Ally Financial, where she held several senior finance positions, including Corporate Controller and Chief Accounting Officer. Investors should note the compensation package offered to Ms. Zukauckas, which includes a base salary of $450,000, performance-based incentive awards, a long-term incentive award valued at $450,000 on the grant date, a $500,000 sign-on bonus (subject to clawback if employment is terminated within a year), and a $100,000 sign-on restricted stock unit grant. These details provide insight into the company's investment in experienced financial leadership and its approach to executive compensation.
Key Highlights
- 1Linda Zukauckas appointed Executive Vice President, Corporate Comptroller, and Principal Accounting Officer, effective November 28, 2011.
- 2Ms. Zukauckas brings extensive financial leadership experience from her 11-year tenure at Ally Financial.
- 3David Cornish transitions from Acting Principal Accounting Officer back to his role as Senior Vice President, Deputy Controller.
- 4Ms. Zukauckas will receive an annual base salary of $450,000.
- 5Her compensation includes eligibility for annual incentive and portfolio grant programs with target awards of 55% of base salary and $285,000, respectively, starting in 2012.
- 6A long-term incentive award valued at $450,000 and a $100,000 sign-on restricted stock unit grant are part of her compensation package.
- 7A $500,000 sign-on cash award is subject to repayment if employment is voluntarily terminated within one year.