Summary
This Form 8-K filing by Salesforce.com, Inc. (CRM) on November 30, 2009, details changes in executive compensation and a key executive departure. The Compensation Committee approved updated salary and bonus structures for Fiscal Year 2011 (February 1, 2010 - January 31, 2011) for top executives, including CEO Marc Benioff, CFO Graham Smith, Jim Steele, and Polly Sumner. Significant equity grants, consisting of stock options and restricted stock units, were also awarded to Messrs. Benioff, Smith, and Steele, reflecting their ongoing contributions and alignment with company performance. Furthermore, the filing announces the resignation of Mr. Kenneth I. Juster, Executive Vice President, Law, Policy, and Corporate Strategy, effective February 28, 2010. His departure is described as for personal reasons without any company disagreement. In connection with his resignation, Mr. Juster will receive a severance package, including a cash payment, full payment of his fiscal year 2010 bonus, and continued healthcare coverage.
Key Highlights
- 1Updated executive compensation for FY 2011 effective February 1, 2010, for key officers including CEO Marc Benioff and CFO Graham Smith.
- 2Annual base salaries and target bonuses for FY 2011 were adjusted for Marc Benioff ($900,000/$900,000), Graham Smith ($480,000/$360,000), Jim Steele ($367,500/$367,500), and Polly Sumner ($367,500/$275,625).
- 3Significant equity grants, including stock options and restricted stock units, were awarded to Messrs. Benioff, Smith, and Steele on November 24, 2009, subject to standard vesting schedules.
- 4Mr. Kenneth I. Juster, EVP of Law, Policy, and Corporate Strategy, resigned effective February 28, 2010.
- 5Mr. Juster's resignation is stated to be for personal reasons and not due to any controversy or disagreement with the Company.
- 6Mr. Juster will receive a separation package including approximately $1,122,500 in severance, a $236,250 bonus for FY 2010, and continued health coverage through January 31, 2011.