Summary
This Form 8-K filing from Capital One Financial Corporation (COF) on February 1, 2013, primarily announces a significant leadership change in its finance department. Gary L. Perlin, the current Chief Financial Officer (CFO), is retiring from his role effective May 24, 2013, after which he will serve as a senior advisor to the CEO until February 1, 2014. This transition is being managed to ensure a smooth handover of responsibilities. The Company has appointed Stephen S. Crawford as the new CFO, effective upon Mr. Perlin's retirement. Mr. Crawford brings extensive financial industry experience, having co-founded Centerview Partners and held senior leadership positions at Morgan Stanley, including CFO. His appointment signals a continued focus on strategic financial leadership, especially given his prior advisory role for Capital One in recent major acquisitions.
Key Highlights
- 1Gary L. Perlin, CFO, to retire effective May 24, 2013, following a transition period.
- 2Stephen S. Crawford appointed as the new CFO, effective upon Mr. Perlin's retirement.
- 3Mr. Perlin will transition to a senior advisor role to the CEO until February 1, 2014.
- 4Stephen S. Crawford has significant experience, including co-founding Centerview Partners and prior roles at Morgan Stanley.
- 5Mr. Crawford's compensation package includes a substantial restricted stock award ($9.8 million), annual base salary ($2,625,000), and performance and equity incentive awards.
- 6The restricted stock award to Mr. Crawford vests over five years and has a five-year holding period.
- 7Centerview Partners, co-founded by Mr. Crawford, previously advised Capital One on significant acquisitions, receiving $12.1 million in fees during 2012.