Summary
This 8-K/A filing from Bank of New York Mellon Corporation (BK) provides updated compensation details for its newly appointed Chief Financial Officer, Emily Portney. While Ms. Portney's appointment as CFO was previously disclosed, this amendment clarifies her new compensation package, which was not finalized at the time of the initial filing. This information is crucial for investors to understand the financial implications of key executive changes and the remuneration structure for senior leadership. The compensation arrangement includes a base salary of $600,000, effective August 10, 2020, and a target incentive for 2020 of $3,457,500. The incentive structure is designed to align with BNY Mellon's Executive Compensation Program, with a significant portion delivered through equity awards (RSUs and PSUs) and the remainder in cash. This reflects the company's standard practice for executive compensation, emphasizing performance-based rewards and alignment with shareholder interests through stock ownership.
Key Highlights
- 1Amendment to a previous 8-K filing regarding the appointment of Emily Portney as Chief Financial Officer.
- 2Disclosure of Ms. Portney's compensation arrangement, including base salary and target incentive for 2020.
- 3Base salary for Ms. Portney set at $600,000, effective August 10, 2020.
- 4Target incentive for 2020 set at $3,457,500, reflecting a blended rate based on her roles during the year.
- 5Incentive award distribution: 30% cash, 25% Restricted Stock Units (RSUs), and 45% Performance Share Units (PSUs).
- 6Awards are subject to BNY Mellon's clawback and recoupment policy.
- 7Ms. Portney is eligible to participate in the Executive Severance Plan.