Summary
This 8-K filing by Salesforce, Inc. (CRM) details executive compensation decisions made by the Compensation Committee. Specifically, it announces the approval of cash bonuses for the fiscal year 2020 performance to its Named Executive Officers, including CEO Marc Benioff, CFO Mark Hawkins, and other key leaders. These bonuses are tied to specific corporate and individual performance goals and are net of mid-year payouts already distributed. Furthermore, the filing outlines the annual base salary and target bonus percentages for these same executives for fiscal year 2021, effective February 1, 2020. These future compensation arrangements also hinge on achieving a mix of company and individual performance objectives. Investors should note that these announcements occurred in late March 2020, amidst a rapidly evolving economic environment, and reflect the company's compensation philosophy tied to performance.
Key Highlights
- 1Salesforce's Compensation Committee approved fiscal year 2020 cash bonuses for key executives, including CEO Marc Benioff ($2,325,000 total bonus), CFO Mark Hawkins ($750,000 total bonus), and other Named Executive Officers.
- 2These fiscal year 2020 bonuses were determined based on corporate and individual performance goals and account for mid-year bonus payouts.
- 3The company also established annual base salaries and target bonus percentages for fiscal year 2021 for its Named Executive Officers.
- 4For fiscal year 2021, Marc Benioff's base salary is set at $1,550,000 with a 200% target bonus.
- 5CFO Mark Hawkins and other key executives (Harris, Tallapragada, Taylor) will have base salaries ranging from $950,000 to $1,000,000, with target bonuses of 100% for fiscal year 2021.
- 6Future bonuses for fiscal year 2021 will be contingent on achieving a blend of company-wide and individual performance objectives.