Summary
This 8-K filing from Capital One Financial Corporation (COF) announces a significant leadership change in its finance department. Effective March 1, 2021, R. Scott Blackley will depart from his role as Chief Financial Officer (CFO) to pursue other opportunities. The company has appointed Andrew Young, currently the Business Line Chief Financial Officer, to succeed Mr. Blackley as CFO. This transition brings Andrew Young, a long-tenured employee with extensive experience within Capital One's finance and HR divisions, into the top financial role. His background includes managing lines of business CFO teams, enterprise planning, and budgeting, as well as serving as CFO for Capital One's primary banking subsidiary. Investors should note that Mr. Young's compensation package will be adjusted to align with executive CFO compensation, including cash and equity-based awards with a three-year vesting period.
Key Highlights
- 1R. Scott Blackley to depart as Chief Financial Officer (CFO) effective March 1, 2021.
- 2Andrew Young appointed as the new Chief Financial Officer (CFO), effective March 1, 2021.
- 3Andrew Young has nearly 25 years of experience at Capital One, holding various finance and HR roles.
- 4Young's prior roles include Business Line Chief Financial Officer and CFO of Capital One, N.A.
- 5Young's responsibilities will encompass managing lines of business CFO teams and enterprise planning/budgeting.
- 6Mr. Young's compensation will be adjusted to an executive level, including cash and equity components.
- 7Equity-based awards for Mr. Young will vest over a three-year period.