01—Abstract
Summary
Summary of the 8-K filed February 9, 2024. Cited figures are marked; the original filing is the authoritative source.
Cboe Global Markets, Inc. (CBOE) filed an 8-K on February 9, 2024, primarily detailing changes within its Board of Directors and its accounting leadership.
The report announces the immediate resignation of director Joseph P. Ratterman, with no stated disagreements. Concurrently, Cboe has elected two new directors, Erin A.
Mansfield and Cecilia H. Mao, expanding the board to 12 members. Ms. Mansfield brings extensive experience from Barclays and Goldman Sachs, with a focus on regulatory and compliance roles, and has been appointed to the Risk and ATS Oversight Committees.
Ms. Mao, currently Global Chief Product Officer at Equifax, brings product and data expertise and has been appointed to the Finance and Strategy Committee. Both new directors will receive standard compensation for non-employee directors, with an updated annual stock retainer value. Additionally, the filing announces the appointment of Allen Wilkinson as Senior Vice President and Chief Accounting Officer, replacing Jill Griebenow, who will continue as CFO.
Mr. Wilkinson, previously Vice President and Controller at Cboe, has a background in public accounting and internal financial roles. His compensation package includes a base salary, bonus target, and equity incentive award. These executive and board-level changes are significant for Cboe as they bolster its governance and financial reporting oversight with new expertise.
02—Key points
Key Highlights
- Joseph P. Ratterman resigned from the Board of Directors, effective February 5, 2024.
- Erin A. Mansfield and Cecilia H. Mao were elected to the Board of Directors, effective February 8, 2024, increasing the board size to 12.
- Erin A. Mansfield brings significant experience in regulatory relations, policy, and compliance from Barclays and Goldman Sachs.
- Cecilia H. Mao brings product and data expertise from her role as Global Chief Product Officer at Equifax and prior experience at Oracle.
- The annual stock retainer for non-employee directors has increased to $170,000 from $155,000.
- Allen Wilkinson has been appointed Senior Vice President, Chief Accounting Officer, effective February 8, 2024.
- Jill Griebenow will remain as Executive Vice President, Chief Financial Officer, stepping down from her Chief Accounting Officer role.
03—Questions
Frequently Asked Questions
Why did Joseph P. Ratterman resign from the board?
Mr. Ratterman notified the Company of his resignation, and he did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies, or practices. The reason for his departure beyond this statement is not specified in the filing.
What are the backgrounds of the newly appointed directors, Erin A. Mansfield and Cecilia H. Mao?
Erin A. Mansfield is a retired Managing Director from Barclays, with extensive experience in regulatory relations, policy, and compliance. Cecilia H. Mao is the Global Chief Product Officer at Equifax, with a background in product, data, and technology roles at companies like Oracle and Verisk Analytics.
What is the compensation for the new directors?
Mses. Mansfield and Mao will receive compensation for their board service in the same manner as other non-employee members. The filing notes that the annual stock retainer for directors has increased to $170,000 following the 2023 annual meeting.
Who is the new Chief Accounting Officer and what is his compensation?
Allen Wilkinson has been appointed Senior Vice President, Chief Accounting Officer. He was previously Vice President, Controller at Cboe. His compensation includes an annual base salary of $310,000, a target annual bonus of $170,500, and a target annual equity incentive award with a grant date value of $150,000.
04—Continue