Summary
Microsoft Corp. (MSFT) announced a significant change in its senior finance leadership via an 8-K filing on July 1, 2020. Frank H. Brod, Corporate Vice President, Finance and Administration and Chief Accounting Officer, is retiring from his role as Chief Accounting Officer effective July 31, 2020. He will remain with the company through September 30, 2020, to ensure a smooth transition. This change marks the end of Mr. Brod's tenure in a critical accounting oversight position. Concurrently, Microsoft has appointed Alice L. Jolla as its new Corporate Vice President and Chief Accounting Officer, effective July 31, 2020. Ms. Jolla brings extensive experience within Microsoft, having served as Corporate Controller since 2014 and holding other senior finance roles since 2008. Her background also includes a fellowship at the Financial Accounting Standards Board (FASB) and prior experience at Dow Chemical and Union Carbide, indicating a strong foundation in accounting principles and corporate finance. Ms. Jolla's appointment is accompanied by a $1.5 million stock award, underscoring the company's investment in its new CAO.
Key Highlights
- 1Frank H. Brod is retiring as Chief Accounting Officer (CAO) of Microsoft, effective July 31, 2020.
- 2Mr. Brod will stay with Microsoft until September 30, 2020, to facilitate the transition.
- 3Alice L. Jolla has been appointed as the new Corporate Vice President and Chief Accounting Officer, effective July 31, 2020.
- 4Ms. Jolla has a strong internal track record at Microsoft, serving as Corporate Controller since 2014.
- 5Ms. Jolla's prior experience includes roles at the Financial Accounting Standards Board (FASB), Dow Chemical, and Union Carbide.
- 6Ms. Jolla will receive a stock award valued at $1.5 million upon her appointment as CAO, subject to vesting over time.