01—Abstract
Summary
Summary of the 8-K filed November 16, 2017. Cited figures are marked; the original filing is the authoritative source.
CBRE Group, Inc. (CBRE) filed an 8-K report on November 16, 2017, primarily announcing key changes in its leadership and board composition.
The company appointed Arlin E. Gaffner as Senior Vice President and Chief Accounting Officer, effective November 17, 2017, while he will also continue his role as CFO of the Americas business. This appointment comes with a competitive compensation package, including a base salary, target bonus, equity award, and a notable retention bonus structured for early 2019.
Additionally, Sanjiv Yajnik was appointed to the Board of Directors, effective November 14, 2017, and will serve until the 2018 annual meeting. Mr. Yajnik has been deemed independent by the Board and is not involved in any related-party transactions.
His appointment is in line with the company's standard director compensation and indemnification agreements. These changes signal adjustments to the company's financial leadership and corporate governance structure.
02—Key points
Key Highlights
- Appointment of Arlin E. Gaffner as Senior Vice President and Chief Accounting Officer, effective November 17, 2017.
- Mr. Gaffner will continue to serve as CFO of CBRE's Americas business.
- Mr. Gaffner's compensation includes an annual salary of $400,000, a target bonus of $400,000, and an annual target equity award of $350,000.
- A $300,000 retention bonus for Mr. Gaffner is payable on January 31, 2019, contingent on a restrictive covenants agreement.
- Appointment of Sanjiv Yajnik to the Board of Directors, effective November 14, 2017, until the 2018 annual meeting.
- Mr. Yajnik has been determined to be an 'independent' director by the Board and has no related-party transactions.
- Mr. Yajnik will receive the standard compensation package for non-employee directors.
03—Questions
Frequently Asked Questions
Who has been appointed as the new Chief Accounting Officer?
Arlin E. Gaffner has been appointed as the Senior Vice President and Chief Accounting Officer, effective November 17, 2017. He will also continue in his role as Chief Financial Officer of the Company's Americas business.
What is the compensation package for the new Chief Accounting Officer?
Mr. Gaffner will receive an annual salary of $400,000, be eligible for an annual target bonus of $400,000, and an annual target equity award of $350,000. He is also eligible for a $300,000 retention bonus payable on January 31, 2019.
Who has been appointed to CBRE's Board of Directors?
Sanjiv Yajnik has been appointed to the Board of Directors, effective November 14, 2017, and will serve until the Company's 2018 annual meeting of stockholders.
Is the new director, Sanjiv Yajnik, considered independent?
Yes, the Board has determined that Mr. Yajnik is 'independent' as defined under New York Stock Exchange and SEC rules, as well as under the Board's own Corporate Governance Guidelines.
04—Continue