Summary
This 8-K filing from Nasdaq, Inc. (NDAQ) primarily announces a key change in its board of directors. On July 25, 2017, the company elected John D. Rainey to its board, effective immediately. Mr. Rainey has been deemed an independent director and will serve on both the audit and finance committees, bringing valuable financial expertise to these critical oversight roles. Mr. Rainey's appointment is noteworthy as he currently serves as the Executive Vice President and Chief Financial Officer of PayPal Holdings, Inc. While PayPal is a customer of Nasdaq, paying approximately $0.5 million since January 1, 2016, for listing and corporate solutions, the board has determined Mr. Rainey to be independent. His compensation will align with Nasdaq's standard board compensation policy.
Key Highlights
- 1Election of John D. Rainey as a new independent director to the Nasdaq board, effective July 25, 2017.
- 2Mr. Rainey appointed to serve on both the Audit and Finance Committees of the board.
- 3Mr. Rainey's current role as Executive Vice President and Chief Financial Officer of PayPal Holdings, Inc. brings significant financial leadership experience.
- 4Nasdaq has determined Mr. Rainey to be an independent director.
- 5PayPal Holdings, Inc. is a customer of Nasdaq, with payments totaling approximately $0.5 million since January 1, 2016, primarily for listing and corporate solutions.
- 6Mr. Rainey will be compensated under Nasdaq's standard board compensation policy.