01—Abstract
Summary
Summary of the 8-K filed February 21, 2012. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- CBRE Group, Inc. updated 2012 performance award targets for key executive officers, including CEO Brett White and CFO Gil Borok.
- The 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).
- Annual base salaries for CEO Brett White and CFO Gil Borok were also modified, effective February 2012.
- Brett White's 2012 base salary was set at $975,000, an increase of $125,000.
- Gil Borok's 2012 base salary was adjusted to $540,000, an increase of $40,000.
- These compensation adjustments were informed by a study from the Compensation Committee’s independent compensation consultant, Frederic W. Cook & Co., Inc.
- The 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.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
This 8-K filing by CBRE Group, Inc. is primarily to report on the Compensation Committee's decisions regarding 2012 performance award targets and base salary adjustments for key executive officers.
Which executive officers had their compensation targets and salaries adjusted?
The filing specifically mentions adjustments for Brett White (Chief Executive Officer), Gil Borok (Chief Financial Officer), and Michael J. Lafitte (President—Americas) regarding their 2012 performance award targets. Base salary adjustments are detailed for Brett White and Gil Borok.
What was the basis for these compensation changes?
The modifications to performance award targets and base salaries were based on a compensation study conducted by the Compensation Committee's independent compensation consultant, Frederic W. Cook & Co., Inc.
When will more detailed information on executive compensation be available?
CBRE Group, Inc. intends to provide additional information regarding the compensation awarded to its executive officers for the year ended December 31, 2011, in the Proxy Statement for the Company’s 2012 annual meeting of stockholders.
04—Continue