8-KLeadership ChangesExhibits & Filings

ELECTRONIC ARTS INC. 8-K Report, Executive Changes (Jul 31, 2012)

Filed July 31, 2012For Securities:EA

Summary

Electronic Arts Inc. (EA) announced a key executive change via an 8-K filing on July 31, 2012. The company appointed Blake Jorgensen as its new Executive Vice President and Chief Financial Officer, effective early September 2012. Mr. Jorgensen brings significant financial leadership experience from his previous roles at Levi Strauss & Co. and Yahoo! Inc., positions that investors will likely view favorably given his background in managing global financial operations. This appointment signifies a strategic move by EA to strengthen its financial management team. The filing also details Mr. Jorgensen's compensation package, including a base salary, a conditional one-time bonus tied to his tenure, and a substantial grant of restricted stock units that vest over four years. These details provide transparency on the investment EA is making in its new CFO and align his incentives with the company's long-term performance.

Key Highlights

  • 1Appointment of Blake Jorgensen as new Executive Vice President, Chief Financial Officer, effective early September 2012.
  • 2Mr. Jorgensen previously served as CFO for Levi Strauss & Co. and Yahoo! Inc., indicating a strong background in financial leadership.
  • 3Jorgensen's annual base salary will be $650,000.
  • 4He is eligible for a discretionary target bonus of 100% of his annual base salary.
  • 5A one-time bonus of $350,000 is contingent upon completing two years of employment, with repayment provisions for early departure.
  • 6Grant of 200,000 restricted stock units, vesting 25% annually over four years, aligning incentives with long-term company performance.
  • 7The appointment is a significant executive change impacting EA's financial leadership.

Frequently Asked Questions

Blake Jorgensen has been appointed as the new Executive Vice President and Chief Financial Officer of Electronic Arts Inc. He is expected to start in early September 2012.

Mr. Jorgensen has substantial experience in financial leadership. He most recently served as Executive Vice President and Chief Financial Officer for Levi Strauss & Co. from July 2009. Prior to that, he was the Chief Financial Officer of Yahoo! Inc. from June 2007 to June 2009.

Mr. Jorgensen will receive an annual base salary of $650,000, with a target bonus of 100% of his base salary. He will also receive a one-time $350,000 bonus, earned upon completion of two years of employment, and 200,000 restricted stock units that vest over four years.

Yes, the $350,000 one-time bonus is subject to repayment provisions. If Mr. Jorgensen voluntarily leaves or is terminated for reasons other than a job-eliminating reduction in force before his second anniversary, he will be required to repay a portion or the full amount of the bonus, depending on when his departure occurs relative to his hire date.