Summary
This 8-K filing from PepsiCo, Inc. (PEP) on July 19, 2012, primarily announced two key events for investors. First, the Board of Directors elected George W. Buckley as an independent director, effective September 19, 2012, who will also serve on the Audit Committee. This appointment expands the Board to thirteen members and signifies a reinforcement of the company's governance structure. Second, the company declared its regular quarterly dividend of $0.5375 per share, payable on September 28, 2012, to shareholders of record on September 7, 2012. This consistent dividend payment is a crucial signal to income-focused investors regarding PepsiCo's commitment to returning value to shareholders.
Key Highlights
- 1George W. Buckley appointed as an independent director to the Board, effective September 19, 2012.
- 2Mr. Buckley will also join the Audit Committee of the Board.
- 3The addition of Mr. Buckley will bring the total number of directors to thirteen.
- 4PepsiCo declared a quarterly dividend of $0.5375 per share.
- 5The dividend payment date is September 28, 2012.
- 6Shareholders of record on September 7, 2012, will receive the dividend.
Frequently Asked Questions
The filing announces the appointment of George W. Buckley as a new independent director to PepsiCo's Board, effective September 19, 2012, and his subsequent role on the Audit Committee. It also reports the declaration of PepsiCo's quarterly dividend of $0.5375 per share.
The appointment of George W. Buckley increases the total number of directors on PepsiCo's Board from twelve to thirteen and strengthens the Board's governance by adding an independent member with a seat on the Audit Committee.
The quarterly dividend of $0.5375 per share will be paid on September 28, 2012, to shareholders who are recorded as owners of the company's stock by the close of business on September 7, 2012.
Upon joining the Board, Mr. Buckley will receive standard compensation for new non-employee directors, including a prorated annual cash retainer of $25,000, an initial stock award of 1,000 shares, and a prorated equity award valued at $37,500 in phantom stock units, based on the stock's closing price on September 19, 2012.