Summary
Cognizant Technology Solutions Corporation (CTSH) announced on July 18, 2019, a significant addition to its Board of Directors with the appointment of Sandra Wijnberg, effective July 16, 2019. Ms. Wijnberg joins the Board to fill a newly created vacancy, increasing the Board's size to twelve members. She has been deemed an independent director and appointed to the Audit Committee, also qualifying as an 'audit committee financial expert.' This appointment is a positive development, bringing a seasoned financial executive with extensive experience as a CFO and public company director to Cognizant's governance.
Key Highlights
- 1Appointment of Sandra Wijnberg to the Board of Directors, increasing board size to 12.
- 2Ms. Wijnberg is an independent director and has been appointed to the Audit Committee.
- 3Ms. Wijnberg is recognized as an 'audit committee financial expert'.
- 4Ms. Wijnberg brings substantial financial leadership experience, including past roles as CFO of Marsh & McLennan Companies.
- 5She currently serves on the boards of T. Rowe Price Group and Automatic Data Processing (ADP).
- 6Ms. Wijnberg will receive a pro-rated cash retainer and restricted stock unit grant, with the stock vesting on July 16, 2020.
- 7She will receive per-meeting compensation for Audit Committee service.
Frequently Asked Questions
Sandra Wijnberg is a seasoned financial executive with extensive experience as a Chief Financial Officer and public company director. She has been appointed to fill a newly created vacancy on Cognizant's Board to strengthen its governance and financial oversight capabilities. Her appointment is considered a strategic move to enhance the expertise available to the company.
Being designated an 'audit committee financial expert' means Ms. Wijnberg possesses the requisite knowledge and experience in accounting principles and financial reporting standards. This designation is crucial for the Audit Committee's effectiveness in overseeing the company's financial statements, internal controls, and audit processes, providing investors with increased confidence in financial integrity.
Ms. Wijnberg will receive a pro-rated cash retainer of $79,918 and a pro-rated grant of restricted stock units valued at $186,475, which will vest on July 16, 2020. She will also receive $1,500 per meeting for her service on the Audit Committee and any other board committees.
The appointment of Ms. Wijnberg increases the size of Cognizant's Board of Directors from 11 to 12 members. This expansion provides an opportunity to bring in new perspectives and specialized expertise, such as Ms. Wijnberg's strong financial background, to the company's strategic decision-making.