Summary
KKR & Co. L.P. (KKR) filed a Form 8-K on March 14, 2011, primarily to announce a significant change in its Board of Directors. The report details the appointment of Patricia F. Russo to the Board of Directors of KKR Management LLC, the managing partner of KKR & Co. L.P., and its Conflicts Committee. This appointment is effective as of April 15, 2011. Ms. Russo's appointment is accompanied by standard compensation for independent directors, including an annual cash retainer of $75,000, prorated for her initial term. The filing also confirms that Ms. Russo has entered into an indemnification agreement with KKR. This move suggests KKR's ongoing efforts to strengthen its governance and potentially add diverse, experienced leadership to its board.
Key Highlights
- 1Appointment of Patricia F. Russo to KKR Management LLC's Board of Directors and Conflicts Committee, effective April 15, 2011.
- 2Ms. Russo will receive standard independent director compensation, including a prorated annual cash retainer of $75,000.
- 3Ms. Russo has entered into an indemnification agreement with KKR.
- 4The appointment is disclosed via a press release furnished as Exhibit 99.1 to the 8-K filing.
- 5The information regarding Ms. Russo's appointment is furnished under Regulation FD and is not considered 'filed' for purposes of Section 18 of the Exchange Act, unless expressly incorporated into other filings.
- 6The filing does not contain any other material financial or operational updates beyond the director appointment.