8-KLeadership ChangesExhibits & Filings

MOODYS CORP /DE/ 8-K Report, Executive Changes (Aug 3, 2023)

Filed August 3, 2023For Securities:MCO

Summary

Moody's Corporation (MCO) announced a significant executive change via an 8-K filing on August 2, 2023, detailing the resignation of its Executive Vice President and Chief Financial Officer, Mark Kaye, effective September 5, 2023. The company has assured investors that Mr. Kaye's departure is amicable and not linked to any financial or operational issues within Moody's. This transition necessitates a search for a new CFO. In response to Mr. Kaye's departure, Moody's has appointed Caroline Sullivan, the current Chief Accounting Officer and Controller, as the interim Chief Financial Officer. Ms. Sullivan brings substantial experience from her tenure at Moody's since 2018 and previous roles at Bank of America. To incentivize her interim role, Ms. Sullivan will receive a $100,000 cash bonus upon completion of her interim duties and $200,000 in equity awards.

Key Highlights

  • 1Mark Kaye resigns as EVP and CFO, effective September 5, 2023.
  • 2Kaye's departure is not due to any disagreements or issues with the company's financial or operational performance.
  • 3Caroline Sullivan, current Chief Accounting Officer and Controller, appointed interim CFO.
  • 4Sullivan has extensive financial and accounting experience, including roles at Bank of America.
  • 5Sullivan will receive a $100,000 cash bonus upon completion of her interim CFO role.
  • 6Sullivan will also receive $200,000 in equity awards (performance share units, stock options, RSUs) for her interim role.

Frequently Asked Questions

Mark Kaye is resigning from his position as Executive Vice President and Chief Financial Officer to accept a role at another company. Moody's has stated that his departure is not related to any financial or operating issues or disagreements concerning the company's policies or practices.

Caroline Sullivan, the current Chief Accounting Officer and Controller, has been appointed as the interim Chief Financial Officer. She has been with Moody's since December 2018 and has prior experience at Bank of America.

Caroline Sullivan will receive a $100,000 cash bonus upon completion of her interim role. Additionally, she has been granted $200,000 in equity, which includes performance share units, stock options, and restricted stock units.

The filing states that Moody's has begun a process to identify Mr. Kaye's successor. A permanent CFO has not yet been named.