Summary
This Form 8-K filing from MasterCard Inc., dated August 23, 2011, primarily announces a significant change in its financial leadership. Effective August 23, 2011, Andrea Forster was appointed as the Corporate Controller and principal accounting officer. This appointment is a key event for investors as it addresses a critical financial role within the company. Ms. Forster brings a wealth of experience, having held various senior finance and controller positions at PepsiCo, Inc. and its subsidiaries over a long career. Her background as a certified public accountant and extensive experience in controller roles at Pepsi Bottling Group are expected to be valuable assets to MasterCard. The filing also details Ms. Forster's compensation package, including her base salary, eligibility for long-term incentive plans (restricted stock units and stock options), and participation in other employee benefit programs, providing transparency on executive remuneration.
Key Highlights
- 1Appointment of Andrea Forster as Corporate Controller and Principal Accounting Officer, effective August 23, 2011.
- 2Ms. Forster has extensive experience in finance and controller roles, including over ten years at PepsiCo, Inc. and its subsidiaries.
- 3Ms. Forster is a certified public accountant (CPA).
- 4Ms. Forster's annual base salary will be $350,000.
- 5Ms. Forster is eligible for the 2006 Long Term Incentive Plan (LTIP), with a grant of $250,000 in restricted stock units in 2011 and approximately $400,000 in stock options or similar awards in 2012.
- 6Ms. Forster will participate in other employee compensation and benefit plans available to her level, including annual incentive and change-in-control plans.