8-KLeadership ChangesExhibits & Filings

Palo Alto Networks Inc 8-K Report, Executive Changes (Mar 19, 2021)

Filed March 19, 2021For Securities:PANW

Summary

Palo Alto Networks, Inc. (PANW) filed an 8-K report on March 18, 2021, announcing a significant change in its executive leadership. Luis Felipe Visoso resigned as Chief Financial Officer (CFO) on March 17, 2021, to pursue other opportunities. The company swiftly appointed Dipak Golechha as the new Executive Vice President and CFO, effective the same day. Mr. Golechha brings a wealth of financial experience from various prominent companies, including Boston Consulting Group, Excelligence Learning Corporation, The Nature's Bounty Company, Chobani, and Procter & Gamble. His appointment is accompanied by a competitive compensation package designed to incentivize performance and retention, including a substantial base salary, target annual incentive, and a significant performance-based restricted stock unit (PSU) award.

Key Highlights

  • 1Luis Felipe Visoso resigned as Chief Financial Officer (CFO) on March 17, 2021.
  • 2Dipak Golechha was appointed as the new Executive Vice President and CFO, effective March 17, 2021.
  • 3Mr. Golechha has extensive financial leadership experience from companies like Procter & Gamble, Chobani, and The Nature's Bounty Company.
  • 4Mr. Golechha's compensation includes an annual base salary of $600,000 and a target annual incentive of 100% of his base salary.
  • 5He will receive a performance-based restricted stock unit (PSU) award valued at approximately $4,000,000, vesting over four years.
  • 6The PSU award is subject to performance metrics and continued employment with the company.
  • 7There are no disclosed family relationships or material interests between Mr. Golechha and the company's directors or officers.

Frequently Asked Questions

Luis Felipe Visoso resigned from his position as Chief Financial Officer to pursue another opportunity. He served through March 17, 2021.

Dipak Golechha joined Palo Alto Networks in December 2020 as Senior Vice President, Finance. He has a strong financial background, having previously served in executive roles at Excelligence Learning Corporation, The Nature's Bounty Company, Chobani, and Procter & Gamble. He also worked as a senior advisor at Boston Consulting Group.

Mr. Golechha's compensation includes an annual base salary of $600,000, a target annual incentive compensation of 100% of his base salary, and a performance-based restricted stock unit (PSU) award with an approximate value of $4,000,000. The PSUs are subject to performance metrics and will vest over a four-year period.

The filing states that there are no family relationships between Mr. Golechha and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction requiring disclosure.