01—Abstract
Summary
Summary of the 8-K filed March 28, 2023. Cited figures are marked; the original filing is the authoritative source.
CORPAY, INC. (CPAY) announced a significant leadership change in its finance department via an 8-K filing on March 28, 2023.
The company has appointed Tom Panther as its new Chief Financial Officer (CFO), effective May 12, 2023. Mr. Panther brings extensive experience from previous roles, including his tenure as CFO at EVO Payments, Inc., where he was instrumental in driving revenue growth, margin expansion, and managing key strategic initiatives like M&A and financings. This appointment signals a strategic move for CORPAY, leveraging Mr. Panther's proven track record in the payments industry and his expertise as a public company CFO.
His compensation package includes a base salary of $400,000,a a target bonus of 75% of base salary, and substantial equity grants valued at $1.6 million in performance-based restricted stock and $1.2 million in time-based stock options, reflecting the company's confidence in his abilities. The filing also notes the transition of Alissa Vickery back to her role as Chief Accounting Officer after serving as interim CFO.
02—Key points
Key Highlights
- Appointment of Tom Panther as Chief Financial Officer (CFO), effective May 12, 2023.
- Tom Panther has a strong background as a public company CFO, notably at EVO Payments, Inc., with experience in revenue growth, margin expansion, M&A, and financings.
- Panther's compensation package includes an annual base salary of $400,000 and a target bonus of 75% of base salary.
- Significant equity grants for Mr. Panther: $1.6 million in performance-based restricted stock and $1.2 million in time-based stock options.
- Performance-based equity is tied to 2023 performance metrics and service requirements.
- Time-based stock options vest ratably over four years.
- Alissa Vickery returns to her role as Chief Accounting Officer after serving as interim CFO.
03—Questions
Frequently Asked Questions
Who has been appointed as the new CFO of CORPAY, INC.?
Tom Panther has been appointed as the new Chief Financial Officer (CFO) of CORPAY, INC., effective May 12, 2023.
What is Tom Panther's relevant experience?
Tom Panther previously served as the CFO at EVO Payments, Inc., where he contributed to strong revenue growth and margin expansion. He also has extensive experience from his nearly 20 years at SunTrust Banks, Inc., in various financial leadership roles, including Chief Accounting Officer and Corporate Controller.
What is the compensation package for the new CFO?
Tom Panther's compensation includes an annual base salary of $400,000, a target bonus of 75% of his base salary, $1.6 million in performance-based restricted stock (prorated for 2023), and $1.2 million in time-based stock options that vest over four years.
What happens to the interim CFO?
Alissa Vickery, who served as interim CFO, will return to her full-time role as Chief Accounting Officer.
04—Continue