8-KLeadership ChangesExhibits & Filings

COGNIZANT TECHNOLOGY SOLUTIONS CORP 8-K Report, Executive Changes (Jul 29, 2020)

Filed July 29, 2020For Securities:CTSH

Summary

Cognizant Technology Solutions Corporation (CTSH) has announced a significant leadership change in its finance department through an 8-K filing dated July 29, 2020. The company has appointed Mr. Jan Siegmund as its new Chief Financial Officer (CFO), effective September 1, 2020. Mr. Siegmund brings a wealth of experience to Cognizant, having previously served as CFO at Automatic Data Processing, Inc. (ADP) from 2012 to 2019, and holding various other senior roles within ADP and beginning his career at McKinsey & Company. His appointment signifies a strategic move to bring seasoned financial leadership to the company.

Key Highlights

  • 1Appointment of Jan Siegmund as Chief Financial Officer (CFO), effective September 1, 2020.
  • 2Mr. Siegmund has extensive experience, including serving as CFO of ADP from 2012-2019.
  • 3Mr. Siegmund's total target compensation is $6,100,000 annually, comprising base salary, cash incentive, performance stock units (PSUs), and restricted stock units (RSUs).
  • 4Mr. Siegmund will receive a transition RSU award of $3,375,000 and a one-time RSU award of $1,500,000 upon joining.
  • 5Current CFO Karen McLoughlin announced her retirement, effective December 31, 2020, to ensure a smooth transition.
  • 6Ms. McLoughlin will be eligible for continued vesting of equity and her 2020 annual cash incentive based on performance goals.
  • 7The filing includes the Offer Letter for Mr. Siegmund as an exhibit.

Frequently Asked Questions

Mr. Jan Siegmund has been appointed as the new CFO, and his role is effective September 1, 2020.

Mr. Siegmund's total target annual compensation is $6,100,000, which includes a base salary of $800,000, an annual cash incentive target of $800,000, performance stock units (PSUs) valued at $2,250,000, and restricted stock units (RSUs) valued at $2,250,000. He will also receive specific transition and one-time RSU awards.

The change is due to the retirement of the current CFO, Ms. Karen McLoughlin, who announced her retirement on July 29, 2020. She will remain with the company until December 31, 2020, to assist with the transition.

Mr. Siegmund has a strong financial background, having served as CFO of Automatic Data Processing, Inc. (ADP) from 2012 to 2019. He also held various other senior positions at ADP and started his career at McKinsey & Company.