8-KLeadership Changes

Fidelity National Information Services, Inc. 8-K Report, Executive Changes (Apr 21, 2023)

Filed April 21, 2023For Securities:FIS

Summary

Fidelity National Information Services, Inc. (FIS) announced a planned senior management reorganization, most notably the departure of Corporate Executive Vice President and Chief Operating Officer, Ido Gileadi. Mr. Gileadi will transition from his role as COO on December 31, 2023, and will cease to be employed by the Company on that date. Importantly, the company states this departure is not due to any disagreements regarding operations, policies, or practices, suggesting a strategic reshuffling rather than a performance-related issue. Investors should note the details surrounding Mr. Gileadi's separation. He is entitled to payments and benefits consistent with a termination without cause, contingent upon his continued good standing and the execution of a release of claims. The specific terms of his employment agreement, which governs these payments, are publicly available in FIS's 2022 Form 10-K. This transition indicates potential changes in operational leadership and the associated compensation structure that investors will want to monitor.

Key Highlights

  • 1Ido Gileadi, Corporate Executive Vice President and Chief Operating Officer, will transition out of his role effective December 31, 2023.
  • 2Mr. Gileadi's departure is part of a planned reorganization of senior management positions.
  • 3The company states Mr. Gileadi's transition is not due to any disagreements concerning operations, policies, or practices.
  • 4Upon his departure, Mr. Gileadi is eligible for termination payments and benefits as per his employment agreement for a termination without cause.
  • 5Entitlement to these benefits is subject to Mr. Gileadi's continued employment in good standing and the execution of a release of claims.
  • 6The details of the employment agreement governing these payments are available in FIS's 2022 Form 10-K filing.

Frequently Asked Questions

The company states that Ido Gileadi's departure is part of a planned reorganization of certain senior management positions and was not the result of any disagreements with the Company on matters related to its operations, policies, or practices.

Mr. Gileadi will transition from his role as Corporate Executive Vice President, Chief Operating Officer, effective December 31, 2023. He will cease to be employed by the Company on that date.

Subject to his continued employment in good standing through December 31, 2023, and the Company's receipt of an effective release of claims, Mr. Gileadi will be entitled to payments and benefits applicable to a termination without 'cause' under his existing employment agreement.

The details of Mr. Gileadi's employment agreement, dated December 16, 2013, are available as Exhibit 10.27 to Fidelity National Information Services, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 27, 2023.