Summary
This 8-K filing from McDonald's Corporation announces a key executive transition within its finance department. Effective April 1, 2007, Peter J. Bensen will assume the role of Corporate Senior Vice President - Corporate Controller, succeeding David M. Pojman. Mr. Pojman is set to retire in early 2008 and will transition to overseeing internal audit until his departure. This leadership change also brings Mr. Bensen into McDonald's Cash Performance Unit Plan (CPUP) for the 2007-2009 performance period. His prorated target award is $252,175, with potential payouts based on consolidated three-year compounded annual Brand McDonald's operating income growth (75% weighting) and average return on total assets (25% weighting). The final payout will also be adjusted by a multiplier reflecting McDonald's total shareholder return relative to the S&P 500, with a maximum payout of 230% of the target award.
Key Highlights
- 1Peter J. Bensen promoted to Corporate Senior Vice President - Corporate Controller, effective April 1, 2007.
- 2Current Corporate Controller, David M. Pojman, to retire in early 2008, moving to oversee internal audit.
- 3Bensen becomes eligible for the 2007-2009 Cash Performance Unit Plan (CPUP).
- 4Bensen's prorated target award for the CPUP is $252,175.
- 5CPUP performance metrics include Brand McDonald's operating income growth (75%) and average return on total assets (25%) over a three-year cycle.
- 6Final CPUP payout adjusted by total shareholder return relative to the S&P 500 (up to +/- 15%).
- 7Maximum potential payout under CPUP is 230% of the prorated target award.