Summary
This Form 8-K filing from Salesforce.com, Inc. announces a significant change in its executive leadership team. Effective March 6, 2008, Graham Smith has been appointed as the new Chief Financial Officer (CFO), principal financial officer, and principal accounting officer. This transition sees the former CFO, Steve Cakebread, moving to the role of President and Chief Strategy Officer. This leadership change is particularly noteworthy for investors as it brings in a seasoned financial executive with a strong background in enterprise software companies like Advent Software and Oracle. Mr. Smith's compensation package, including base salary, bonus potential, and equity grants, has been disclosed, along with severance provisions in case of termination without cause. The appointment aims to ensure continued financial stewardship and strategic direction for Salesforce.com.
Key Highlights
- 1Graham Smith appointed as Chief Financial Officer (CFO), effective March 6, 2008.
- 2Steve Cakebread transitions from CFO to President and Chief Strategy Officer.
- 3Graham Smith brings extensive financial experience from previous roles at Advent Software, Vitria Technology, Nuance Communications, and Oracle.
- 4Mr. Smith's compensation package includes an annual base salary of $400,000 and a potential annual bonus of up to $200,000.
- 5New equity awards for Mr. Smith include 20,000 restricted stock units and an option for 240,000 shares, subject to standard vesting.
- 6Severance benefits for Mr. Smith are outlined, providing for 12-18 months of base salary and accelerated vesting of equity upon termination without cause.