01—Abstract
Summary
Summary of the 8-K filed September 26, 2022. Cited figures are marked; the original filing is the authoritative source.
CORPAY, INC. (CPAY) announced the resignation of its Global Chief Financial Officer, Charles R.
Freund, effective October 3, 2022. Mr. Freund is leaving to pursue a CFO role at a private equity-backed software company. Importantly, the company stated that his resignation is not due to any disagreements regarding operations, policies, accounting practices, or financial reporting, which should provide some comfort to investors regarding the company's internal health.
In response to this departure, CORPAY has appointed Alissa Vickery as interim Global Chief Financial Officer, effective immediately upon Mr. Freund's exit. Ms. Vickery, who joined the company in 2011, has served as Chief Accounting Officer since September 2020 and has extensive experience in accounting, external reporting, and internal audit. The company has initiated a search for a permanent CFO.
02—Key points
Key Highlights
- Charles R. Freund resigns as Global Chief Financial Officer, effective October 3, 2022.
- Mr. Freund's departure is to accept a CFO position at a private equity-backed software company.
- The company explicitly states Mr. Freund's resignation is not related to any disputes or disagreements with the company or its Board.
- Alissa Vickery appointed as interim Global Chief Financial Officer.
- Ms. Vickery has a long tenure with CORPAY, joining in 2011 and serving as Chief Accounting Officer since September 2020.
- Ms. Vickery has significant experience in accounting, external reporting, and internal audit.
- CORPAY has initiated a search for a new permanent Chief Financial Officer.
03—Questions
Frequently Asked Questions
Why is the Global CFO leaving CORPAY?
The Global Chief Financial Officer, Charles R. Freund, is leaving to take on a Chief Financial Officer role at a private equity-backed software company. His departure is effective October 3, 2022.
Are there any concerns about the company's financial reporting or operations due to this CFO change?
No, the filing explicitly states that Mr. Freund's resignation is not the result of any dispute or disagreement with the company or its Board of Directors concerning operations, policies, accounting practices, or financial reporting.
Who will be the interim CFO?
Alissa Vickery has been appointed as the interim Global Chief Financial Officer, effective immediately upon Mr. Freund's departure. She has been with CORPAY since 2011 and most recently served as Chief Accounting Officer.
When will CORPAY have a permanent CFO?
The company has launched an executive search for a new Global Chief Financial Officer. The timeline for a permanent appointment has not yet been disclosed in this filing.
04—Continue