01—Abstract
Summary
Summary of the 8-K filed March 28, 2008. Cited figures are marked; the original filing is the authoritative source.
CBRE Group, Inc. (CBRE) filed an 8-K on March 28, 2008, to announce a material amendment to its 2007 Executive Bonus Plan (EBP).
This amendment, approved by the Compensation Committee on March 24, 2008, modifies the performance metrics for annual bonus awards for its regional presidents in 2008. Specifically, the financial-based component of their performance awards will now be split, with 50%a tied to a global EBITDA target and the remaining 50% to their respective regional EBITDA targets. This change from the previous structure, where 100% of the financial-based award was solely dependent on regional performance, signals a shift towards aligning executive incentives with broader company-wide financial success, in addition to regional achievements.
The affected executives in 2008 are Calvin W. Frese, Jr., President—Americas, and Rob Blain, President—Asia Pacific. Investors should note that further details regarding these financial measures and targets will be disclosed in the company's upcoming proxy statement.
02—Key points
Key Highlights
- Amendment to the 2007 Executive Bonus Plan (EBP) approved by the Compensation Committee on March 24, 2008.
- The financial-based measure for 2008 annual performance awards for regional presidents will now be 50% global EBITDA target and 50% regional EBITDA target.
- This is a change from the previous structure where 100% was based on regional EBITDA targets.
- The amendment impacts regional presidents Calvin W. Frese, Jr. (Americas) and Rob Blain (Asia Pacific) for 2008.
- The company intends to provide more detailed information on these performance measures and targets in its 2008 proxy statement.
- The Chief Financial Officer, Kenneth J. Kay, signed the report.
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 inform investors about a change in the compensation structure for certain key executives at CBRE Group, Inc. Specifically, it details an amendment to the 2007 Executive Bonus Plan that alters how annual performance awards for regional presidents are determined.
How does the bonus structure change for the regional presidents?
Previously, 100% of the financial-based performance awards for regional presidents were tied to their individual regional EBITDA targets. With the amendment, this will change to a 50/50 split: 50% of the award will be based on a global EBITDA target for the company, and the other 50% will still be based on their respective regional EBITDA targets.
Which executives are affected by this change?
The executives directly impacted by this amendment for the 2008 performance year are Calvin W. Frese, Jr., who serves as President—Americas, and Rob Blain, President—Asia Pacific.
Where can I find more detailed information about these performance targets?
CBRE Group, Inc. has stated that more comprehensive details regarding these new financial measures and specific targets will be discussed in the proxy statement that will be sent to stockholders in connection with the Company’s 2008 Annual Stockholders Meeting.
04—Continue