8-KLeadership ChangesRegulation FDExhibits & Filings

GLOBAL PAYMENTS INC 8-K Report, Executive Changes (May 28, 2014)

Filed May 28, 2014For Securities:GPN

Summary

Global Payments Inc. (GPN) announced significant changes to its Board of Directors and leadership structure via an 8-K filing dated May 28, 2014. The most notable update is the appointment of William I. Jacobs as the new Chairman of the Board, effective June 1, 2014. This follows the previously announced retirement of Paul R. Garcia. Mr. Jacobs, a long-standing board member and former Lead Director, brings extensive experience from his roles at MasterCard and co-founding Financial Security Assurance Inc. Furthermore, the company appointed John G. Bruno as a new independent director, effective June 1, 2014, to fill the vacancy left by Mr. Garcia's retirement. Mr. Bruno's background includes senior executive positions at NCR Corporation and a prior role at Goldman Sachs, bringing valuable technological and corporate development expertise to the board. These appointments, alongside an updated non-employee director compensation plan, signal a strategic transition in the company's governance.

Key Highlights

  • 1William I. Jacobs appointed as Chairman of the Board, effective June 1, 2014, succeeding Paul R. Garcia.
  • 2John G. Bruno appointed as a new independent Director, effective June 1, 2014, filling a board vacancy.
  • 3William I. Jacobs has extensive experience from MasterCard and co-founding Financial Security Assurance Inc.
  • 4John G. Bruno brings significant technology and corporate development experience from NCR Corporation and Goldman Sachs.
  • 5The Lead Director position will be eliminated upon William I. Jacobs assuming the Chairman role.
  • 6The company updated its non-employee director compensation plan to reflect the new independent Chairman role.
  • 7Both new appointees will receive annual cash and stock retainers as part of their compensation.

Frequently Asked Questions

William I. Jacobs has been appointed as the new Chairman of the Board, effective June 1, 2014. He was previously the Lead Director and has been a board member since 2001.

Yes, John G. Bruno has been appointed as a new independent director, effective June 1, 2014, to fill the vacancy created by Paul R. Garcia's retirement.

William I. Jacobs, as Chairman, will receive an annual cash retainer of $175,000 and an annual stock retainer of $175,000. John G. Bruno, as a Director, will receive an annual cash retainer of $85,000 and an annual stock retainer of $140,000, prorated for his initial term.

With William I. Jacobs becoming Chairman, the separate position of Lead Director will be eliminated. The board will now have an independent Chairman.