8-KLeadership ChangesExhibits & Filings

FAIR ISAAC CORP 8-K Report, Executive Changes (Jan 31, 2019)

Filed January 31, 2019For Securities:FICO

Summary

Fair Isaac Corporation (FICO) announced a significant leadership transition with the upcoming retirement of its Executive Vice President, Chief Financial Officer, and Investor Relations, Michael J. Pung, effective December 31, 2019. Mr. Pung will continue in his role until a successor is appointed, ensuring a smooth handover. The company has entered into a Transition Agreement with Mr. Pung, outlining his continued employment through his retirement date and detailing his compensation and benefits during this period. This announcement is primarily informational, signaling a planned change in a key executive role and the process underway to secure a replacement, which is crucial for investor confidence and operational continuity.

Key Highlights

  • 1CFO Michael J. Pung to retire effective December 31, 2019.
  • 2Mr. Pung will remain in his role until a successor is appointed.
  • 3A search for a new Executive Vice President, Chief Financial Officer, and Investor Relations is underway.
  • 4Mr. Pung has entered into a Transition Agreement with the Company.
  • 5Under the Transition Agreement, Mr. Pung will receive an annual base salary of $400,000 through December 31, 2019.
  • 6Mr. Pung will continue to participate in eligible employee benefit plans and the Management Incentive Plan through September 30, 2019.
  • 7Mr. Pung will not be eligible for any incentive stock awards from January 30, 2019, to December 31, 2019.

Frequently Asked Questions

This 8-K filing is primarily to announce the planned retirement of Fair Isaac Corporation's CFO, Michael J. Pung, and to detail the terms of his transition agreement with the company.

Michael J. Pung's retirement is effective as of December 31, 2019. He will continue to serve as CFO until a successor is appointed and then remain an employee through his retirement date.

Mr. Pung will continue to be employed through December 31, 2019, receiving an annual base salary of $400,000. He will also remain eligible for certain employee benefit plans and the Management Incentive Plan until September 30, 2019. He is not eligible for incentive stock awards during this period. The agreement also outlines potential severance benefits under specific termination circumstances defined in his existing Management Agreement.

No, the filing states that the Company is undertaking a search for his successor. Mr. Pung will continue in his role until a new CFO is appointed.