01—Abstract
Summary
Summary of the 8-K filed December 13, 2023. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from Booking Holdings Inc. announces a significant leadership change in its finance department.
Effective March 15, 2024, Ewout L. Steenbergen will assume the role of Executive Vice President and Chief Financial Officer (CFO). Mr. Steenbergen brings extensive experience, having most recently served as EVP and CFO at S&P Global Inc. and previously holding senior finance positions at Voya Financial.
His appointment signals a strategic move to leverage his financial expertise within Booking Holdings. In conjunction with his new role, Mr. Steenbergen will receive a comprehensive compensation package designed to incentivize his long-term commitment and performance. This includes a substantial base salary, a target annual bonus, and significant equity awards in the form of Restricted Stock Units (RSUs) and Performance Share Units (PSUs), along with a signing bonus.
The filing also details severance provisions and vesting schedules for his equity awards. This transition marks the departure of the previous CFO from that specific role, as previously reported.
02—Key points
Key Highlights
- Appointment of Ewout L. Steenbergen as new EVP and CFO, effective March 15, 2024.
- Mr. Steenbergen has a strong financial background, including his recent role as CFO of S&P Global Inc.
- Significant new hire compensation package includes $825,000 base salary, 180% target bonus, and over $19 million in equity awards (RSUs and PSUs).
- A signing bonus of $1 million is included in Mr. Steenbergen's compensation.
- Equity awards have multi-year vesting schedules, with some performance-based components.
- Severance benefits are detailed, including provisions related to Change of Control scenarios.
- The appointment signifies a leadership transition in the Chief Financial Officer position.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer of Booking Holdings?
Ewout L. Steenbergen has been appointed as the new Executive Vice President and Chief Financial Officer of Booking Holdings, effective March 15, 2024.
What is Mr. Steenbergen's prior experience?
Mr. Steenbergen has a deep financial background, most recently serving as Executive Vice President and Chief Financial Officer at S&P Global Inc. He also previously held senior finance roles at Voya Financial and led Kensho Technologies.
What is the total value of Mr. Steenbergen's new hire compensation package?
The new hire compensation package includes an initial annual base salary of $825,000, a target annual bonus of 180% of base salary, a $1,000,000 signing bonus, and equity awards (RSUs and PSUs) with a total grant date fair value of approximately $19.4 million.
How are Mr. Steenbergen's equity awards structured and vested?
Mr. Steenbergen will receive New Hire RSUs that vest 75% on the first anniversary and 25% on the second anniversary of the grant date. His other RSUs vest in three equal annual installments over three years. Performance Share Units (PSUs) vest upon completion of three years of service and achievement of performance metrics. All awards are subject to continuous service and other terms outlined in the employment agreement.
04—Continue