Summary
This 8-K/A filing from The Bank of New York Mellon Corporation (BK) provides an update on the compensation package for its newly appointed Chief Executive Officer, Thomas P. (Todd) Gibbons. The amendment clarifies the incentive compensation structure for Mr. Gibbons, which was not fully detailed in the original March 30, 2020 filing. Key aspects of the compensation include a target incentive of $13.25 million for 2020, with the actual award contingent on corporate and individual performance. The award mix is structured to align with the company's executive compensation program, comprising 25% cash, 25% restricted stock units (RSUs), and 50% performance share units (PSUs). All compensation is subject to the company's clawback policy, and Mr. Gibbons remains part of the Executive Severance Plan.
Key Highlights
- 1Amendment to a previous 8-K filing regarding CEO compensation.
- 2Thomas P. (Todd) Gibbons appointed CEO on March 30, 2020, with compensation details now disclosed.
- 3Mr. Gibbons' base salary remains unchanged.
- 4Target incentive compensation for 2020 set at $13.25 million.
- 5Incentive award is performance-based, tied to corporate and individual performance.
- 6Compensation mix: 25% cash, 25% Restricted Stock Units (RSUs), 50% Performance Share Units (PSUs).
- 7All awards are subject to BNY Mellon's clawback and recoupment policy.