Summary
Mastercard Inc. (MA) has filed an 8-K/A amendment primarily detailing a change in the role of Michael Froman. Effective June 1, 2023, Mr. Froman will transition from his current officer role to an Advisor to the CEO. This move is intended to facilitate a smooth leadership transition, with Mr. Froman continuing with the company until December 31, 2023, albeit on a reduced schedule. Under his new advisory role, Mr. Froman will work 25% of his full-time commitment and receive a prorated annual salary of $181,250. His 2023 bonus target will be 125% of his part-time base salary, also prorated. Importantly, his existing equity awards remain unchanged, and he will not receive any new equity grants for the remainder of 2023. This filing provides clarity on executive transitions and compensation arrangements.
Key Highlights
- 1Michael Froman to transition to Advisor to the CEO role effective June 1, 2023.
- 2Mr. Froman will continue with Mastercard through December 31, 2023, to ensure a seamless leadership transition.
- 3His new role involves a reduced schedule of 25% of his current full-time commitment.
- 4Annual salary in the advisory role will be $181,250, prorated.
- 52023 bonus target set at 125% of part-time base salary, prorated.
- 6Existing equity awards for Mr. Froman will not be modified.
- 7Mr. Froman will not be eligible for additional equity awards in 2023.