01—Abstract
Summary
Summary of the 8-K filed October 23, 2020. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing announces significant leadership changes within Nasdaq, Inc. (NDAQ).
Most notably, Chief Financial Officer Michael Ptasznik will retire effective February 28, 2021. He will transition out of his role while continuing his duties during a transition period, and his retirement agreement includes various compensation and benefits, such as pro-rated 2021 bonus, continued benefits, accelerated vesting of certain equity awards, and relocation expenses. Concurrently, Nasdaq has appointed Ann Dennison as the new Executive Vice President and Chief Financial Officer, effective March 1, 2021.
Ms. Dennison, who has been with Nasdaq since 2015 and previously held senior finance roles at Goldman Sachs, will see an increase in her base salary, target bonus opportunity, and long-term incentive compensation. These changes signal a planned succession and transition within the company's senior finance leadership.
02—Key points
Key Highlights
- Michael Ptasznik, Executive Vice President, Corporate Strategy and Chief Financial Officer, will retire effective February 28, 2021.
- Mr. Ptasznik will continue in his role during a transition period (October 21, 2020 to February 28, 2021) and will receive his regular salary and benefits.
- Mr. Ptasznik's retirement agreement includes a 2020 bonus payment, a pro-rated 2021 bonus, extended health benefits for 12 months post-retirement, and accelerated vesting of certain RSUs and continued vesting of PSUs.
- Ann Dennison has been appointed as the new Executive Vice President and Chief Financial Officer, effective March 1, 2021.
- Ms. Dennison brings extensive experience, having joined Nasdaq in 2015 and previously serving in senior financial roles at Goldman Sachs.
- Ms. Dennison's compensation package includes an increased base salary to $550,000, a target bonus opportunity of 136% of base salary, and an increased long-term incentive award of $1,200,000.
- The company issued a press release on October 21, 2020, announcing these leadership transitions.
03—Questions
Frequently Asked Questions
What is the impact of Michael Ptasznik's retirement on Nasdaq's financial operations?
Mr. Ptasznik will continue to perform his regular duties as CFO and Executive Vice President, Corporate Strategy during a transition period until his retirement on February 28, 2021. This phased approach aims to ensure continuity in financial operations and a smooth handover to his successor.
What are the key terms of Michael Ptasznik's retirement package?
Mr. Ptasznik is entitled to his regular salary and benefits during the transition period, a 2020 bonus and a pro-rated 2021 bonus (subject to certain conditions), 12 months of paid medical, dental, and vision premiums, continued and accelerated vesting of certain equity awards (PSUs and RSUs), financial and tax services, and relocation expense reimbursement up to $10,000.
Who is Ann Dennison and what are her qualifications for the CFO role?
Ann Dennison is an internal promotion, having been with Nasdaq since 2015 and most recently serving as Senior Vice President, Controller and principal accounting officer. Prior to Nasdaq, she held senior financial reporting roles at Goldman Sachs. She possesses a BBA and MBA in Accounting and Finance from Pace University.
How has Ann Dennison's compensation changed with her promotion to CFO?
Ms. Dennison's annual base salary will increase from $450,000 to $550,000. Her target bonus opportunity will increase from 100% to 136% of her base salary, equating to a target bonus of $750,000. Her long-term incentive compensation award will increase from $700,000 to $1,200,000, expected to be granted in April 2021.
04—Continue