Summary
This 8-K filing from Microsoft Corporation, dated April 25, 2005, primarily announces a significant leadership change within its financial department. The company is appointing Christopher P. Liddell as its new Senior Vice President and Chief Financial Officer (CFO), effective May 9, 2005. This appointment signals a new chapter for Microsoft's financial strategy and oversight under experienced leadership, with Mr. Liddell bringing a strong background from his previous roles at International Paper. Investors should note the terms of Mr. Liddell's compensation package, which includes a base salary, a signing bonus, and eligibility for annual bonuses and stock awards. The inclusion of stock awards and participation in the Shared Performance Stock Award (SPSA) Program indicates an alignment of his incentives with shareholder value creation. This transition in a key executive role is a material event for the company, potentially impacting future financial reporting and strategic financial decisions.
Key Highlights
- 1Christopher P. Liddell appointed as Senior Vice President, Chief Financial Officer (CFO) effective May 9, 2005.
- 2Mr. Liddell's prior experience includes serving as Senior Vice President and CFO of International Paper Company.
- 3He also held significant leadership roles, including CEO and CFO, at Carter Holt Harvey Limited.
- 4Mr. Liddell's compensation package includes a base salary of $500,000 per year and a $300,000 signing bonus.
- 5He is eligible for an annual bonus ranging from 0% to 100% of his eligible salary.
- 6Mr. Liddell will receive a stock award for 50,000 shares and a target SPSA award of 146,667 shares.