8-KLeadership Changes

Fidelity National Information Services, Inc. 8-K Report, Executive Changes (Mar 3, 2010)

Filed March 3, 2010For Securities:FIS

Summary

Fidelity National Information Services, Inc. (FIS) filed an 8-K on March 3, 2010, to announce a significant executive change. The company and Lee A. Kennedy have mutually agreed that Mr. Kennedy will depart from his roles as an executive officer and director, effective February 28, 2010. This departure was not due to any disagreements regarding the company's operations, policies, or practices, which is a positive signal for internal stability. In connection with his departure, FIS will pay Mr. Kennedy a settlement of $2,481,667 and vest 509,166 of his company stock options. Mr. Kennedy will also remain with FIS in a non-executive consulting capacity. The terms of his departure appear to be amicable and structured, aiming to ensure a smooth transition while providing Mr. Kennedy with agreed-upon compensation and benefits.

Key Highlights

  • 1Mutual agreement for Lee A. Kennedy to step down as executive officer and director, effective February 28, 2010.
  • 2Mr. Kennedy's departure is not a result of any disagreements with the company.
  • 3FIS will pay Mr. Kennedy $2,481,667 as a settlement.
  • 4509,166 of Mr. Kennedy's company stock options will be vested as part of the agreement.
  • 5Mr. Kennedy will continue to serve FIS in a non-executive consulting role.
  • 6His employment termination agreement includes provisions for the exercisability of vested stock options until their expiration date if FIS terminates his consulting role.

Frequently Asked Questions

Lee A. Kennedy and Fidelity National Information Services, Inc. mutually agreed that he would no longer serve as an executive officer and director of the company. This was a mutual decision and not due to any disagreements concerning the company's operations, policies, or practices.

As a result of his change in status, Mr. Kennedy will receive a payment of $2,481,667 and 509,166 of his company stock options will be vested. This payment is in full settlement of all amounts due under his employment agreement.

Yes, Mr. Kennedy will remain a non-executive employee of FIS and will be available for consulting services. Additionally, if FIS terminates his employment, his then-unexercised vested options will remain exercisable until their original expiration date.

The filing explicitly states that Mr. Kennedy did not resign due to any disagreement with the company on matters relating to its operations, policies, or practices. This suggests the departure is a mutual agreement and not indicative of underlying operational or governance issues.