8-KLeadership ChangesMaterial AgreementsExhibits & Filings

GLOBAL PAYMENTS INC 8-K Report, Material Agreement (Apr 1, 2010)

Filed April 1, 2010For Securities:GPN

Summary

GLOBAL PAYMENTS INC. (GPN) filed this Form 8-K on April 1, 2010, to announce significant executive leadership changes. Effective June 1, 2010, Jeffrey S. Sloan will assume the role of President, taking responsibility for North American operations and global business development. Mr. Sloan joins GPN from Goldman, Sachs & Company, where he was the Global Head of the Financial Technology Group. Concurrently, James G. Kelly, the current President and Chief Operating Officer, will transition to the position of Vice Chairman and Chief Operating Officer on June 1, 2010. Both executives have entered into new three-year employment agreements outlining their compensation structures, responsibilities, and post-employment restrictive covenants. These changes signal a strategic shift in leadership for GPN as it navigates its business development and operational strategies.

Key Highlights

  • 1Jeffrey S. Sloan appointed President of Global Payments Inc. effective June 1, 2010.
  • 2Mr. Sloan previously held a senior leadership position in the Financial Technology Group at Goldman, Sachs & Company.
  • 3James G. Kelly will move from President and COO to Vice Chairman and COO, effective June 1, 2010.
  • 4Both executives have signed new three-year employment agreements.
  • 5The agreements detail base salary, incentive bonuses, and participation in benefit plans.
  • 6Non-competition and non-solicitation clauses for a 24-month period post-employment are included in both agreements.
  • 7The filing incorporates new employment agreements as material definitive agreements.

Frequently Asked Questions

The company announced that Jeffrey S. Sloan will become President effective June 1, 2010, overseeing North American operations and worldwide business development. James G. Kelly, the current President and COO, will transition to Vice Chairman and COO, also effective June 1, 2010.

Mr. Sloan comes to Global Payments Inc. from Goldman, Sachs & Company, where he served as Managing Director, Partner, and Global Head of the Financial Technology Group since 2004.

Both executives have entered into three-year employment agreements. These agreements specify base salaries, at-risk incentive bonus opportunities based on objectives, and participation in standard executive benefit plans. They also include non-disclosure, non-competition, and non-solicitation clauses for 24 months following termination of employment.

The appointment of a new President with a strong financial technology background from a major investment bank, coupled with a strategic realignment of the COO role, suggests a focus on growth and business development. Investors may view these changes as a move to strengthen leadership for future strategic initiatives and operational efficiency.