Summary
This Form 8-K filing from Nasdaq, Inc. (NDAQ) announces a significant executive transition. Thomas A. Wittman, Executive Vice President of Global Trading and Market Services, will retire effective December 31, 2019. Prior to his retirement, he will transition to an Executive Advisor role starting July 1, 2019. This transition includes a retirement agreement approved by the Board's Management Compensation Committee. The agreement ensures Mr. Wittman will continue to receive his base salary and target annual incentive award opportunity through his retirement date. Furthermore, his existing performance share unit grants will vest based on actual performance, and his restricted stock grants will vest within 60 days of his retirement. Investors should note this is a planned leadership change with pre-arranged compensation terms.
Key Highlights
- 1Thomas A. Wittman, EVP of Global Trading and Market Services, announces retirement effective December 31, 2019.
- 2Mr. Wittman will transition to an Executive Advisor role from July 1, 2019, until his retirement.
- 3A retirement agreement has been approved by Nasdaq's Board of Directors' Management Compensation Committee.
- 4Mr. Wittman will continue to receive his base salary and target annual incentive award through his retirement date.
- 5Outstanding performance share unit grants will vest based on actual performance.
- 6Outstanding restricted stock grants will vest within 60 days of retirement.
- 7A press release dated June 24, 2019, details the retirement and is attached as an exhibit.