Summary
PepsiCo, Inc. (PEP) filed an 8-K on July 20, 2011, reporting on several key corporate governance and shareholder-related events. Most notably, the company announced the election of Alberto Weisser as an independent member to its Board of Directors, effective September 14, 2011. Mr. Weisser's compensation as a new non-employee director includes a prorated cash retainer, an initial stock award, and an equity award in the form of phantom stock units. Additionally, PepsiCo's Board approved an amendment to its By-Laws, effective July 14, 2011, reducing the size of the Board to thirteen members. The company also declared a quarterly dividend of $0.515 per share, payable on September 30, 2011, to shareholders of record on September 2, 2011. These announcements provide insights into changes in board composition and continued commitment to returning capital to shareholders.
Key Highlights
- 1Appointment of Alberto Weisser as an independent director to the Board, effective September 14, 2011.
- 2New director compensation for Mr. Weisser includes a $25,000 prorated cash retainer, 1,000 shares of common stock, and a prorated equity award valued at $37,500.
- 3Amendment to By-Laws to reduce the Board of Directors size to thirteen members, effective July 14, 2011.
- 4Declaration of a quarterly dividend of $0.515 per share.
- 5Dividend payment date set for September 30, 2011, with a record date of September 2, 2011.
- 6Filing includes incorporated press releases detailing director appointment and dividend declaration.