Summary
CBRE Group, Inc. (CBRE) filed an 8-K on February 21, 2012, to report on executive compensation adjustments made by its Compensation Committee. The key disclosures involve modifications to the 2012 performance award targets and 2012 base salaries for certain named executive officers, including the CEO and CFO. These changes were made effective in February 2012 and were based on a compensation study conducted by an independent consultant. Specifically, the filing details updated bonus targets for the upcoming year and adjusted base salaries for the Chief Executive Officer and Chief Financial Officer. Investors can view this as an update on management's compensation structure as the company heads into the 2012 fiscal year. Further details on 2011 compensation are expected to be provided in the upcoming proxy statement.
Key Highlights
- 1CBRE Group, Inc. updated 2012 performance award targets for key executive officers, including CEO Brett White and CFO Gil Borok.
- 2The Compensation Committee approved modifications to the 2012 bonus targets, with specific amounts disclosed for Brett White ($1,950,000), Gil Borok ($475,000), and Michael J. Lafitte ($810,000).
- 3Annual base salaries for CEO Brett White and CFO Gil Borok were also modified, effective February 2012.
- 4Brett White's 2012 base salary was set at $975,000, an increase of $125,000.
- 5Gil Borok's 2012 base salary was adjusted to $540,000, an increase of $40,000.
- 6These compensation adjustments were informed by a study from the Compensation Committee’s independent compensation consultant, Frederic W. Cook & Co., Inc.
- 7The company indicated that additional compensation details for the year ended December 31, 2011, will be included in the Proxy Statement for the 2012 annual meeting of stockholders.