Summary
Blackstone Inc. (BX), formerly The Blackstone Group L.P., filed an 8-K on July 10, 2013, to report a key board appointment. Rochelle B. Lazarus was appointed to the board of directors of Blackstone Group Management L.L.C., the general partner of Blackstone, and also joined its Audit Committee. This appointment signals a reinforcement of the company's governance structure with the addition of experienced leadership.
Key Highlights
- 1Appointment of Rochelle B. Lazarus to the Board of Directors of Blackstone Group Management L.L.C.
- 2Ms. Lazarus also appointed to the Audit Committee of the General Partner.
- 3Annual cash retainer for Ms. Lazarus set at $150,000.
- 4Ms. Lazarus received a $150,000 grant of deferred restricted common units upon appointment.
- 5The restricted common units vest and will be delivered on the first anniversary of the grant date, subject to continued service.
- 6The filing incorporates by reference a press release dated July 9, 2013, announcing the appointment.
Frequently Asked Questions
Rochelle B. Lazarus is a prominent figure with extensive experience, known for her leadership roles in the advertising industry (former Chairman and CEO of Ogilvy & Mather Worldwide). Her appointment to Blackstone's board and Audit Committee suggests a strengthening of the company's oversight and strategic guidance capabilities, bringing seasoned judgment to the partnership's governance.
Ms. Lazarus will receive an annual cash retainer of $150,000. Additionally, she was granted deferred restricted common units valued at $150,000, which will vest and be delivered one year after the grant date, contingent on her continued service.
A Form 8-K is a report of unscheduled material events or corporate changes that could be of importance to investors. In this case, Blackstone is using it to officially announce and disclose the appointment of a new director and her compensation arrangements.
Deferred restricted common units are a form of equity compensation. They are units of the company's stock that are granted to an individual but cannot be sold or transferred until certain conditions, such as a vesting period (in this case, one year of service), are met. This aligns the recipient's interests with those of long-term shareholders.