Summary
Corteva, Inc. (CTVA) announced a significant leadership change in its finance department via an 8-K filing on April 6, 2021. The company appointed David J. Anderson as its new Executive Vice President and Chief Financial Officer, effective April 12, 2021. Mr. Anderson brings extensive experience, having previously held CFO roles at several prominent companies including Nielsen Holdings plc and Honeywell International Inc., as well as interim CFO at Criteo S.A. His deep financial background and leadership history are expected to be valuable assets to Corteva. The filing also details Mr. Anderson's compensation package, which includes a substantial annual salary of $750,000, a 100% target incentive opportunity under the annual Performance Reward Plan, and significant equity awards. This includes a one-time $2.5 million RSU grant, an $1.8 million performance-based RSU grant tied to a three-year performance period, and a $1.2 million stock option grant. These awards underscore the company's commitment to attracting and retaining experienced leadership and aligning executive incentives with long-term value creation.
Key Highlights
- 1Appointment of David J. Anderson as Executive Vice President and Chief Financial Officer, effective April 12, 2021.
- 2Mr. Anderson possesses extensive financial leadership experience, including previous CFO roles at Nielsen Holdings plc and Honeywell International Inc.
- 3Annual base salary for Mr. Anderson set at $750,000.
- 4Annual incentive opportunity under the Performance Reward Plan is 100% of base salary.
- 5Significant one-time equity award of $2.5 million in Restricted Stock Units (RSUs) with a two-year vesting schedule.
- 6Long-term incentive awards include $1.8 million in performance-based RSUs and $1.2 million in stock options, with performance and time-based vesting respectively.
- 7Mr. Anderson will be eligible for the Company’s Change in Control and Executive Severance Plan and is subject to share ownership guidelines of four times base salary.