Summary
NVIDIA Corporation announced a significant change in its executive leadership with the appointment of Colette Kress as Executive Vice President and Chief Financial Officer, effective later in September 2013. Ms. Kress brings extensive financial experience from her previous roles at Cisco Systems and Microsoft. This appointment marks the transition from Karen T. Burns, who served as interim CFO. Investors should note the substantial compensation package offered to Ms. Kress, including a competitive base salary, performance-based incentives, substantial sign-on and anniversary bonuses, and a significant equity grant in the form of restricted stock units (RSUs) that vest over four years. This move signals NVIDIA's commitment to strengthening its financial leadership as it continues its growth trajectory.
Key Highlights
- 1NVIDIA appoints Colette Kress as Executive Vice President and Chief Financial Officer, effective late September 2013.
- 2Karen T. Burns will step down as interim CFO but will continue as Vice President, Corporate Controller and Tax.
- 3Ms. Kress's compensation package includes an annual base salary of $500,000.
- 4She is eligible for annual incentive compensation targeted at 110% of her base salary.
- 5A significant sign-on bonus of $1,500,000 and a first anniversary bonus of $1,000,000 are included, with repayment clauses.
- 6Ms. Kress will receive a grant of 220,000 restricted stock units (RSUs) vesting over four years.
- 7Ms. Kress has a strong financial background with prior experience at Cisco Systems and Microsoft.