8-KLeadership Changes

CORPAY, INC. 8-K Report, Executive Changes (Jul 29, 2013)

Filed July 29, 2013For Securities:CPAY

Summary

FleetCor Technologies, Inc. (now Corpay, Inc.) announced on July 25, 2013, changes to its Board of Directors through an 8-K filing. This report details the appointment of two new directors, Michael Buckman and Jeffrey S. Sloan, to fill vacancies created by the retirement of John R. Carroll and Glenn W. Marschel. These appointments are effective immediately as of the report date. Both new directors bring significant experience in the travel, logistics, payment systems, and financial technology sectors, which are highly relevant to FleetCor's business. Mr. Buckman has a background in travel and payment systems consulting and executive roles at BCD Travel and Worldspan. Mr. Sloan is the President of Global Payments Inc. and previously held senior positions at Goldman Sachs. The company also disclosed the standard compensation for these new non-employee directors, which includes restricted stock that vests in early 2014, aligning their interests with shareholders.

Key Highlights

  • 1FleetCor Technologies, Inc. appointed Michael Buckman and Jeffrey S. Sloan to its Board of Directors on July 25, 2013.
  • 2The new appointments fill vacancies created by the retirement of directors John R. Carroll and Glenn W. Marschel.
  • 3Mr. Buckman brings extensive experience in travel, logistics, and payment systems consulting and executive roles.
  • 4Mr. Sloan is President of Global Payments Inc. and has a strong background in financial technology from Goldman Sachs.
  • 5Both new directors were granted 1,500 shares of restricted common stock, vesting on January 1, 2014.
  • 6Mr. Buckman has been appointed to the audit committee.
  • 7Mr. Sloan has been appointed to the executive and acquisitions committee.

Frequently Asked Questions

New directors Michael Buckman and Jeffrey S. Sloan were appointed to fill vacancies on the Board of Directors resulting from the retirement of John R. Carroll and Glenn W. Marschel.

Michael Buckman has significant experience in travel, logistics, and payment systems consulting and held executive positions at companies like BCD Travel and Worldspan. Jeffrey S. Sloan is President of Global Payments Inc. and previously worked in the financial technology sector at Goldman Sachs.

Consistent with the company's standard non-employee director compensation package, both Mr. Buckman and Mr. Sloan were granted 1,500 shares of restricted common stock. These shares are set to vest on January 1, 2014, provided they remain directors on that date. They also entered into standard indemnification agreements.

Michael Buckman has been appointed to the audit committee of the board of directors. Jeffrey S. Sloan has been appointed to the executive and acquisitions committee.