8-KLeadership ChangesExhibits & Filings

Hewlett Packard Enterprise Co 8-K Report, Executive Changes (Dec 15, 2023)

Filed December 15, 2023For Securities:HPEHPE-PC

Summary

Hewlett Packard Enterprise Company (HPE) announced a significant leadership change via an 8-K filing on December 15, 2023, detailing the appointment of Marie Myers as its new Executive Vice President and Chief Financial Officer (CFO), effective January 15, 2024. Ms. Myers brings extensive financial leadership experience from her tenure at HP Inc., where she most recently served as CFO. This appointment signals a strategic move to bolster the company's financial operations with a seasoned executive. Investors should note the comprehensive compensation package designed to incentivize Ms. Myers, including a substantial base salary, bonus opportunities, and significant performance-based and time-based restricted stock unit (RSU) grants. These grants are tied to both financial performance metrics (non-GAAP net income) and relative total shareholder return, aligning her interests with long-term shareholder value creation. The filing also clarifies transitional arrangements for the interim CFO, Jeremy K. Cox, and outlines provisions for executive severance and change-in-control benefits.

Key Highlights

  • 1Marie Myers appointed as HPE's new Executive Vice President and Chief Financial Officer, effective January 15, 2024.
  • 2Ms. Myers joins HPE from HP Inc., where she previously served as CFO and held other senior finance and transformation roles.
  • 3The compensation package for Ms. Myers includes an $850,000 base salary, target bonus of 150% of base salary (up to 200%), and significant equity awards valued in the millions.
  • 4Performance-based RSUs will vest based on non-GAAP net income targets and relative total shareholder return, with a maximum vesting of 200% of target.
  • 5Time-based RSUs totaling $6,937,500 will vest over three years.
  • 6Jeremy K. Cox will continue as Interim CFO until January 15, 2024, and will then revert to his role as Senior Vice President, Corporate Controller.
  • 7The filing references HPE's Severance and Long-Term Incentive Change in Control Plan for Executive Officers (SPEO) for potential transition assistance.

Frequently Asked Questions

Marie Myers has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of HPE, effective January 15, 2024. She will also serve as the Principal Financial Officer from that date.

Marie Myers has extensive experience in financial leadership. Most recently, she served as the Chief Financial Officer of HP Inc. (HP) since February 2021. Prior to that, she held various senior roles at HP, including Interim CFO, Chief Transformation Officer, and Chief Digital Officer. She also served as CFO of UiPath, Inc.

Ms. Myers' compensation package includes an annual base salary of $850,000, an annual bonus target of 150% of base salary (with a maximum of 200%), a performance-based RSU grant with a target value of $3,937,500 (subject to vesting based on non-GAAP net income and relative TSR), a time-based RSU grant valued at $3,937,500 vesting over three years, and a one-time RSU grant valued at $3,000,000 vesting over three years. Additionally, she will receive a one-time cash award of $1,000,000.

Jeremy K. Cox will continue to serve as Interim Chief Financial Officer and Principal Financial Officer until Ms. Myers' effective date of January 15, 2024. After this transition, he will continue his role as HPE's Senior Vice President, Corporate Controller, Chief Tax Officer and Principal Accounting Officer.