01—Abstract
Summary
Summary of the 8-K filed March 14, 2007. Cited figures are marked; the original filing is the authoritative source.
CB Richard Ellis Group, Inc. (CBRE) filed an 8-K on March 13, 2007, to report on changes to executive compensation.
The Compensation Committee of the Board of Directors, based on recommendations from independent consultant Frederick W. Cook & Co., approved new base salaries for key executive officers, effective March 8, 2007. This action was taken after a comprehensive review and benchmarking study of executive compensation within a peer group that reflects CBRE's size, business model, and recent growth.
Investors should note that the primary purpose of this filing is to disclose adjustments to the base salaries of top executives, including the President and CEO, CFO, President of Asia-Pacific Region, and Executive Vice President and General Counsel. The company indicated that further details on executive compensation will be provided in its 2007 proxy statement, suggesting that this 8-K serves as an initial disclosure of these salary adjustments.
02—Key points
Key Highlights
- CBRE's Compensation Committee approved new base salaries for certain executive officers, effective March 8, 2007.
- The salary adjustments were based on recommendations from independent compensation consultant Frederick W. Cook & Co.
- The consultant conducted an extensive review and benchmarking study using a peer group aligned with CBRE's size, business model, and growth.
- Brett White, President and CEO, will have a new base salary of $850,000.
- Kenneth J. Kay, Senior Executive Vice President and CFO, will have a new base salary of $535,000.
- Robert Blain, President, Asia-Pacific Region, will have a new base salary of $460,000.
- Laurence H. Midler, Executive Vice President and General Counsel, will have a new base salary of $420,000.
- Additional executive compensation details will be disclosed in the company's 2007 proxy statement.
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 disclose adjustments made to the base salaries of certain key executive officers of CB Richard Ellis Group, Inc., effective March 8, 2007. This follows a review by the Compensation Committee and recommendations from an independent compensation consultant.
Who recommended these executive salary changes?
The salary changes were recommended by Frederick W. Cook & Co., an independent compensation consultant retained by CBRE's Compensation Committee. Their recommendations were based on a review and benchmarking study of executive compensation at peer companies.
When will more information about executive compensation be available?
The company intends to provide additional information regarding executive officer compensation in the proxy statement for CB Richard Ellis Group, Inc.'s 2007 annual meeting.
Which executives received base salary adjustments according to this filing?
The filing specifies new base salaries for Brett White (President and CEO), Kenneth J. Kay (Senior Executive Vice President and CFO), Robert Blain (President, Asia-Pacific Region), and Laurence H. Midler (Executive Vice President and General Counsel).
04—Continue