01—Abstract
Summary
Summary of the 8-K filed June 8, 2005. Cited figures are marked; the original filing is the authoritative source.
This Form 8-K filed by CB Richard Ellis Group, Inc. on June 8, 2005, primarily details adjustments to executive compensation following a leadership transition and changes to regional management.
Most notably, following his promotion to Chief Executive Officer, Mr. White's annual base salary was increased from $550,000 to $650,000,a with his target incentive cash compensation rising from $1.1 million to $1.3 million. These figures align with the compensation of the former CEO.
Additionally, Robert Blain, President of the Asia-Pacific region, saw an increase in his base salary from $366,000 to $400,000b and his target cash incentive compensation from $350,000 to $375,000. These compensation adjustments were approved by the Compensation Committee of the Board of Directors, with Mr. White's compensation informed by an independent consultant's survey.
02—Key points
Key Highlights
- CBRE Group, Inc. (CBRE) filed an 8-K on June 8, 2005, reporting material definitive agreements related to executive compensation.
- Mr. White was promoted to Chief Executive Officer effective June 2, 2005.
- Mr. White's annual base salary increased from $550,000 to $650,000 upon his promotion to CEO.
- Mr. White's target incentive cash compensation increased from $1.1 million to $1.3 million.
- Robert Blain, President of the Asia-Pacific region, received a salary increase from $366,000 to $400,000 and target incentive compensation from $350,000 to $375,000.
- The Compensation Committee of the Board of Directors approved these executive compensation changes.
- The company also filed its Executive Bonus Plan as an exhibit.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to report material definitive agreements related to executive compensation adjustments following a promotion to Chief Executive Officer and changes in regional leadership, as well as to file the company's Executive Bonus Plan.
Who received a salary increase and by how much?
Mr. White, who was promoted to Chief Executive Officer, received an increase in his annual base salary from $550,000 to $650,000 and an increase in his target incentive cash compensation from $1.1 million to $1.3 million. Robert Blain, President of the Asia-Pacific region, had his base salary increased from $366,000 to $400,000 and his target cash incentive compensation from $350,000 to $375,000.
How were these compensation decisions made?
The Compensation Committee of the Board of Directors approved the compensation changes. Mr. White's compensation was determined after considering a compensation survey conducted by an independent consultant, and it was set at the same levels as the former CEO. Other executive officers' target cash incentive compensation was ratified at 2004 levels, based on Company financial performance and operational objectives under the Executive Bonus Plan.
04—Continue