8-KLeadership ChangesExhibits & Filings

ELECTRONIC ARTS INC. 8-K Report, Executive Changes (Mar 24, 2008)

Filed March 24, 2008For Securities:EA

Summary

This 8-K filing from Electronic Arts Inc. (EA) announces the departure of its Chief Financial and Administrative Officer, Warren Jenson. Mr. Jenson will continue in his role until a successor is appointed and onboarded, ensuring a smooth transition. An agreement has been put in place detailing his continued employment and compensation during this period, which extends through September 30, 2008, unless earlier terminated under specific conditions. Investors should note the terms of the Transition Services Agreement, which include continued base salary, standard benefits, and eligibility for a discretionary bonus for fiscal year 2008, contingent on his continued employment at the time of bonus payout. This announcement marks a significant leadership change in a key financial role for EA.

Key Highlights

  • 1Departure of Warren Jenson as Chief Financial and Administrative Officer.
  • 2Mr. Jenson will remain with EA until a new CFO is appointed and begins employment.
  • 3A Transition Services Agreement is in place, effective March 19, 2008.
  • 4Mr. Jenson will continue to receive his base salary of $595,204 per year.
  • 5He remains eligible for standard executive benefits, including health and 401(k) plans.
  • 6Mr. Jenson is eligible for his FY2008 discretionary bonus at a 75% target level, provided he is employed when bonuses are paid.
  • 7The transition period extends until September 30, 2008, unless specific termination clauses are met.

Frequently Asked Questions

The 8-K filing states that Warren Jenson, EA's Chief Financial and Administrative Officer, will be leaving the company. The specific reasons for his departure are not detailed in this filing.

Mr. Jenson will continue to serve as CFO until a replacement is found and starts. Under a Transition Services Agreement, he will remain an employee through September 30, 2008, receiving his full base salary, standard benefits, and remaining eligible for his FY2008 bonus under certain conditions.

The filing details his continued compensation, including his $595,204 annual base salary and eligibility for a discretionary bonus. The financial impact is primarily the continuation of his salary and benefits during the transition period. The filing does not suggest any severance payments beyond these agreed-upon terms.

The filing does not specify an exact date for the appointment of a new Chief Financial Officer. It only states that Mr. Jenson will continue in his role until his successor has been appointed and has commenced employment with EA.