Summary
This 8-K filing from Philip Morris International (PM) on February 13, 2018, details executive compensation decisions made by the Compensation and Leadership Development Committee on February 8, 2018. The report outlines the granting of Restricted Stock Units (RSUs) and Performance Share Units (PSUs) to named executive officers, along with their 2017 annual incentive cash awards. These compensation components are designed to align executive interests with long-term company performance and shareholder value. Key details include the specific RSU and PSU grant amounts for top executives, including CEO André Calantzopoulos, with vesting for RSUs and PSUs set for February 17, 2021. The PSUs are contingent upon achieving pre-established performance goals over a three-year cycle (2018-2020). Additionally, the filing confirms no changes to the base salaries of these executives and notes that further compensation details will be provided in the upcoming proxy statement.
Key Highlights
- 1Philip Morris International granted RSUs and PSUs to named executive officers on February 8, 2018, under the 2017 Performance Incentive Plan.
- 2RSUs vest on February 17, 2021, while PSUs vest on the same date contingent upon achieving pre-established performance goals for the 2018-2020 cycle.
- 3CEO André Calantzopoulos received the largest RSU grant (44,100) and PSU grant (66,140).
- 4Annual incentive cash awards for 2017 were approved for named executive officers, with the CEO receiving the largest award of approximately $3.38 million.
- 5Annual incentive awards were determined using a matrix formula based on six performance measures.
- 6There were no changes to the base salaries of the named executive officers.
- 7More detailed executive compensation information will be available in the company's March 2018 proxy statement.