Summary
ServiceNow, Inc. (NOW) filed an 8-K report on November 19, 2013, to announce a key change in its Board of Directors. The company expanded its board from eight to nine members and elected Charles Giancarlo as a Class II director, effective November 19, 2013. Mr. Giancarlo brings extensive experience from his tenure at Cisco Systems and his current role as a managing director at Silver Lake Partners, a prominent technology-focused investment firm. His appointment is expected to strengthen the board's strategic oversight, particularly given ServiceNow's position in the growing IT service management market.
Key Highlights
- 1ServiceNow expanded its Board of Directors from eight to nine members.
- 2Charles Giancarlo was elected as a new Class II director, effective November 19, 2013.
- 3Mr. Giancarlo has significant experience in the technology sector, including senior executive roles at Cisco Systems and his current position at Silver Lake Partners.
- 4The company will disclose any committee appointments for Mr. Giancarlo via an amendment to this filing.
- 5New non-employee directors, including Mr. Giancarlo, will be compensated according to a newly adopted policy.
- 6This compensation includes annual retainer fees, equity awards (stock options and RSUs) with a significant initial grant value, and reimbursement for expenses.
- 7Mr. Giancarlo's initial equity awards will vest over three years, with subsequent annual awards also vesting over three years or by the next annual meeting.