8-KLeadership ChangesRegulation FDExhibits & Filings

ELECTRONIC ARTS INC. 8-K Report, Executive Changes (Jun 20, 2023)

Filed June 20, 2023For Securities:EA

Summary

Electronic Arts Inc. (EA) announced significant executive leadership changes effective June 20, 2023. Stuart Canfield has been appointed as the new Executive Vice President, Chief Financial Officer, succeeding Chris Suh who will depart on June 30, 2023. Concurrently, Laura Miele has been promoted to President of EA Entertainment, Technology and Central Development. The company also announced the retirement of Chief Experience Officer Chris Bruzzo, effective June 30, 2023. These organizational updates reflect a strategic reshuffling of key leadership roles. Mr. Canfield, a long-time EA finance executive, brings extensive experience in global finance, investor relations, and operational leadership. His compensation package includes a base salary of $625,000, an annual cash bonus with performance-based metrics, and substantial equity awards (RSUs and PRSUs) designed to align his interests with shareholders and promote long-term retention. Mr. Suh will not receive severance but will repay certain benefits, and his unvested equity awards will be forfeited.

Key Highlights

  • 1Stuart Canfield appointed new CFO, effective June 20, 2023.
  • 2Chris Suh departs as CFO on June 30, 2023, without severance but forfeiting unvested equity.
  • 3Laura Miele promoted to President of EA Entertainment, Technology and Central Development.
  • 4Chris Bruzzo, Chief Experience Officer, is retiring effective June 30, 2023.
  • 5Stuart Canfield's compensation includes $625,000 base salary and performance-based bonus.
  • 6Canfield receives significant equity awards (RSUs and PRSUs) valued at approximately $6 million, with performance-based vesting tied to company and stock performance.

Frequently Asked Questions

EA announced the appointment of Stuart Canfield as the new CFO, the promotion of Laura Miele to President of EA Entertainment, Technology and Central Development, and the departure of CFO Chris Suh and Chief Experience Officer Chris Bruzzo, both effective June 30, 2023.

Mr. Canfield's compensation includes an annual base salary of $625,000, an annual cash bonus with a target of 100% of his base salary (60% company financial performance, 40% business performance), and equity awards totaling approximately $6 million in grant date value, comprising RSUs vesting over three years and PRSUs with a three-year performance period tied to total shareholder return, net bookings, and non-GAAP operating income.

Chris Suh will not receive any severance payments. He will forfeit all unvested equity awards and is required to repay a portion of his sign-on bonus and relocation benefits as per his employment agreement.

The filing primarily details executive appointments and departures, not immediate financial implications beyond the compensation packages for new and departing executives. The company is not reporting any new financial results or guidance in this 8-K. The focus is on leadership transition.