Summary
This SEC Form 8-K filing from The Charles Schwab Corporation (SCHW) on April 27, 2007, primarily announces the compensation package for Joseph R. Martinetto upon his appointment as Chief Financial Officer, effective May 18, 2007. Mr. Martinetto will succeed Christopher V. Dodds, who is retiring from the CFO role. The filing details Mr. Martinetto's base salary, bonus potential, and a significant long-term incentive award comprising stock options and restricted stock.
Key Highlights
- 1Joseph R. Martinetto appointed as new Chief Financial Officer (CFO), effective May 18, 2007.
- 2Christopher V. Dodds retiring as CFO on May 18, 2007.
- 3Mr. Martinetto's annual base salary will be $410,000.
- 4He is eligible for a target bonus of 100% of his base salary for 2007.
- 5A special one-time long-term compensation award includes stock options valued at $247,500.
- 6The award also includes restricted stock valued at $202,500.
- 7Details provided on vesting schedules for both stock options and restricted stock.
Frequently Asked Questions
Joseph R. Martinetto has been appointed as the new Chief Financial Officer, effective May 18, 2007.
The total value of the special one-time long-term compensation award for Joseph R. Martinetto is $450,000, consisting of $247,500 in stock options and $202,500 in restricted stock.
The change in Chief Financial Officer, with Joseph R. Martinetto taking over from Christopher V. Dodds, is effective May 18, 2007.
The restricted stock vests over four years: 25% on the second anniversary of the grant date, 25% on the third anniversary, and 50% on the fourth anniversary.