Summary
This 8-K filing from American Express Company (AXP) details the approved compensation for its newly appointed Chief Financial Officer, Christophe Le Caillec, effective August 14, 2023. The disclosed compensation package is substantial and reflects the importance of this executive role within the company. Investors should note the base salary, significant annual cash incentive opportunity, and a robust long-term equity incentive plan, signaling a strong commitment to performance-based compensation for senior leadership.
Key Highlights
- 1Christophe Le Caillec appointed as Chief Financial Officer, effective August 14, 2023.
- 2Annual base salary for the new CFO set at $750,000.
- 3Eligibility for an annual cash incentive award with a target of $2.35 million (pro-rated for 2023).
- 4Eligibility for a long-term incentive award starting in 2024, valued at $4.4 million on the grant date.
- 5The long-term incentive award will consist of performance restricted stock units ($3,520,000) and stock options ($880,000).
- 6Compensation was approved by the Compensation and Benefits Committee of the Board of Directors on July 25, 2023.
Frequently Asked Questions
The total potential annual compensation includes a base salary of $750,000, an annual cash incentive with a target of $2.35 million, and beginning in 2024, a long-term incentive award valued at $4.4 million on the grant date. The cash incentive is pro-rated for 2023.
Christophe Le Caillec's appointment as Chief Financial Officer is effective August 14, 2023. His compensation package was approved on July 25, 2023.
Beginning in 2024, the long-term incentive award will have a grant date value of $4.4 million, comprising $3,520,000 in performance restricted stock units and $880,000 in stock options.