Summary
Palo Alto Networks Inc. (PANW) filed an 8-K on May 29, 2013, reporting on its financial results for the quarter ended April 30, 2013, as announced in a press release on May 30, 2013. While the specific financial figures are detailed in the press release (Exhibit 99.1), this filing highlights significant corporate governance changes. The report details the resignation of board member Venky V. Ganesan and the immediate appointment of Carl Eschenbach to the Board of Directors and its Audit Committee. Mr. Eschenbach's extensive experience, notably his COO and President roles at VMware, is expected to bolster the company's leadership. His compensation includes an initial equity award and ongoing annual awards, subject to vesting over time and continued service.
Key Highlights
- 1Palo Alto Networks announced its financial results for the three months ended April 30, 2013, via a press release filed with the 8-K.
- 2Venky V. Ganesan resigned from the Board of Directors, effective May 23, 2013.
- 3Carl Eschenbach was appointed to the Board of Directors and the Audit Committee, effective May 23, 2013.
- 4Mr. Eschenbach brings significant experience, having held executive roles including Chief Operating Officer and President at VMware.
- 5Mr. Eschenbach received an initial equity award of 16,000 restricted stock units (RSUs) that vest over three years.
- 6The company expects to grant Mr. Eschenbach annual RSUs valued at $220,000, vesting over one year, contingent on continued service.
- 7The resignation of Mr. Ganesan was not due to any disagreements with the company.