Summary
This 8-K filing announces a significant change in Ford Motor Company's executive leadership with the appointment of Tim Stone as Chief Financial Officer (CFO), effective June 1, 2019. Mr. Stone, who was previously elected vice president on April 15, 2019, brings his financial expertise to a crucial role within the company. Investors should note the details of his compensation package, which includes a substantial base salary, a guaranteed minimum annual incentive, a signing bonus, and significant equity awards. The compensation structure indicates Ford's commitment to attracting and retaining top talent for its CFO position. The equity grants, comprising time-based restricted stock units and performance-based restricted stock units, align Mr. Stone's incentives with the company's long-term performance and shareholder value. The detailed breakdown of salary, bonuses, and varied equity vesting schedules provides transparency into the financial arrangements for this key executive.
Key Highlights
- 1Tim Stone appointed Chief Financial Officer (CFO) effective June 1, 2019.
- 2Mr. Stone's annual base salary is $1.1 million.
- 3He received a signing bonus of $850,000.
- 4Target annual cash incentive for the 2019 performance period is $1,375,000, guaranteed.
- 5Received an initial stock grant valued at $4.3 million in time-based restricted stock units vesting over three years.
- 6Future annual equity incentive grants will be valued at $4.6 million, with a mix of unrestricted stock, time-based RSUs, and performance-based RSUs.
- 7The offer letter for Mr. Stone is filed as an exhibit.