01—Abstract
Summary
Summary of the 8-K filed June 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Corpay, Inc. (CPAY) announced a significant executive change, appointing Peter Walker as its new Chief Financial Officer (CFO), effective July 21, 2025.
Walker brings a wealth of experience, having previously served as CFO for Instructure Holdings, Sterling Check Corp, and Jackson Hewitt, with a substantial career at Assurant. His background includes leading major financial events such as the privatization of Instructure and extensive experience in finance, accounting, and strategy. This appointment is accompanied by a comprehensive compensation package designed to incentivize performance, including a base salary, target bonus, and substantial equity grants in the form of performance-based and time-based restricted stock and stock options.
The equity awards are structured with various vesting schedules tied to company performance and continued service. The filing also notes that interim CFO Alissa Vickery will resume her role as Chief Accounting Officer upon Walker's start date.
02—Key points
Key Highlights
- Peter Walker appointed as new Chief Financial Officer (CFO), effective July 21, 2025.
- Walker has a strong financial leadership background, including previous CFO roles at Instructure Holdings, Sterling Check Corp, and Jackson Hewitt.
- Walker's compensation includes a base salary of $600,000 and a target bonus of 66.67% of base salary.
- Significant equity grants awarded to Walker, comprising performance-based and time-based restricted stock and stock options with various vesting conditions.
- Performance-based equity grants are tied to 2025, 2026, 2027, and 2028 performance metrics.
- Time-based equity grants vest over 1, 3, or 4 years.
- Alissa Vickery will transition from interim CFO back to her role as Chief Accounting Officer.
03—Questions
Frequently Asked Questions
What is the primary reason for this 8-K filing?
The primary reason for this 8-K filing is to announce the appointment of Peter Walker as the new Chief Financial Officer (CFO) of Corpay, Inc., and to detail his compensation package.
When does Peter Walker's appointment as CFO become effective?
Peter Walker's appointment as CFO is effective July 21, 2025.
What is the total value of Peter Walker's compensation, particularly the equity awards?
The total grant date fair value of Peter Walker's equity awards is approximately $7,215,360. This includes performance-based restricted stock ($1,240,000 + $360,000), time-based restricted stock ($600,000 + $1,000,000), time-based stock options ($1,200,000), and performance-based stock options ($3,875,360). His annual base salary is $600,000 with a target bonus of 66.67%.
What is the significance of the performance-based equity grants?
The performance-based equity grants are designed to align Mr. Walker's compensation with Corpay's future financial performance. These grants will vest upon the achievement of specific performance metrics for the years 2025 through 2028, and require continued service.
04—Continue