Summary
Hilton Worldwide Holdings Inc. (HLT) announced a change in executive leadership within its Global Development division. Ian Carter, Executive Vice President and President of Global Development, will transition to a short-term advisory role effective July 4, 2020, concluding by December 31, 2020, or sooner if he secures new employment. His responsibilities will be absorbed by the existing leadership team. During this advisory period, Mr. Carter will continue to receive his 2020 base salary, which is subject to the ongoing COVID-19 related salary reductions applicable to the Executive Committee. He is also slated to receive a pro-rated 2020 bonus of $420,000 and will be eligible for severance benefits as outlined in the company's Executive Severance Plan. This transition is formalized through a separation and release agreement, which includes standard confidentiality and restrictive covenant clauses.
Key Highlights
- 1Ian Carter, EVP and President of Global Development, is transitioning from his executive role.
- 2Mr. Carter will move into a temporary advisory position from July 4, 2020, until no later than December 31, 2020.
- 3His current responsibilities will be redistributed among the existing leadership structure.
- 4Mr. Carter will receive his 2020 base salary, subject to COVID-19 related salary reductions.
- 5He is entitled to a pro-rated 2020 bonus of $420,000.
- 6Severance benefits will be provided according to the Executive Severance Plan.
- 7A separation and release agreement is in place, including non-disparagement, non-competition, and non-solicitation clauses.