01—Abstract
Summary
Summary of the 8-K filed April 9, 2024. Cited figures are marked; the original filing is the authoritative source.
NetApp, Inc. (NTAP) filed this Form 8-K on April 9, 2024 under Item 5.02, announcing a change in its principal accounting officer.
The Company appointed Daniel De Lorenzo as Vice President, Controller and Chief Accounting Officer, and designated him as principal accounting officer, each effective April 8, 2024. The appointment was made on April 4, 2024. Mike Berry continues as Chief Financial Officer and principal financial officer, and is no longer the principal accounting officer.
Mr. De Lorenzo, age 41, previously served as Senior Director, Assistant Corporate Controller from January 2020 to March 2024, and as Director, External Reporting and Technical Accounting from August 2017 to January 2020. He joined NetApp in November 2011 and previously worked at PricewaterhouseCoopers. The filing states he has no family relationships with the Company's officers or directors, and reports no related party transactions under Item 5.02 or Item 404(a) of Regulation S-K.
His compensation as Vice President, Controller and Chief Accounting Officer includes a base salary of $370,000a annually and participation in the annual incentive plan, with a fiscal 2024 target award of 48% of base salary, prorated between his prior and new position targets. He has also entered into the Company's standard executive officer indemnification agreement.
02—Key points
Key Highlights
- Daniel De Lorenzo appointed Vice President, Controller and Chief Accounting Officer, effective April 8, 2024, and designated principal accounting officer
- Mike Berry continues as Chief Financial Officer and principal financial officer; the principal accounting officer role transfers from him to De Lorenzo
- De Lorenzo has served at NetApp since November 2011, most recently as Senior Director, Assistant Corporate Controller (January 2020 to March 2024)
- Base salary set at $370,000 annually
- Fiscal 2024 annual incentive target set at 48% of base salary, prorated between old and new position targets
- Entered into the Company's standard executive officer indemnification agreement, previously filed as Exhibit 10.1 to the May 31, 2023 Form 8-K
- Filing reports no family relationships and no related party transactions under Item 5.02 or Item 404(a) of Regulation S-K
03—Questions
Frequently Asked Questions
Who is NetApp's new principal accounting officer?
Daniel De Lorenzo, who was appointed Vice President, Controller and Chief Accounting Officer on April 4, 2024, effective April 8, 2024, and designated as principal accounting officer.
Does this change affect NetApp's CFO?
No. The filing states Mike Berry continues in his capacity as Chief Financial Officer and principal financial officer. He only hands over the principal accounting officer designation.
What is Mr. De Lorenzo's compensation?
He receives a base salary of $370,000 annually and participates in the annual incentive plan, with a fiscal 2024 target of 48% of base salary, prorated between his previous and new position targets.
What is Mr. De Lorenzo's background?
He was Senior Director, Assistant Corporate Controller from January 2020 to March 2024, and Director, External Reporting and Technical Accounting from August 2017 to January 2020. He joined NetApp in November 2011 and previously worked at PricewaterhouseCoopers. He holds a Bachelor's degree in Business Administration from California Polytechnic State University, San Luis Obispo.
Are there any related party transactions or special arrangements tied to the appointment?
The filing reports no family relationships with Company officers or directors, no understandings or arrangements with any other person for his selection, and no related party transactions reportable under Item 5.02 or Item 404(a) of Regulation S-K. He has entered into the standard executive officer indemnification agreement.
04—Continue