Summary
This 8-K filing from Charles Schwab Corporation (SCHW) reports on the compensation arrangements for Richard A. Wurster following his appointment as President, effective October 15, 2021. The Compensation Committee of the Board of Directors approved a new base salary, an increased target bonus percentage, and a significant one-time equity award for Mr. Wurster. Investors should note the substantial equity award of $5,000,000 in restricted stock units (RSUs), which are subject to a four-year vesting schedule. This reflects a strategic investment in key executive talent as the company navigates its growth and strategic objectives. The prorated bonus structure for 2021 acknowledges his transition into the new role.
Key Highlights
- 1Richard A. Wurster appointed President, effective October 15, 2021.
- 2Approved annual base salary of $750,000 for the new President.
- 3Increased target annual cash incentive bonus from 200% to 250% of base salary.
- 4Granted a special one-time equity award of $5,000,000 in restricted stock units (RSUs).
- 5RSUs vest over four years, with 25% vesting annually.
- 6The number of RSUs granted was 59,931, based on a per-share value of $83.43.
- 7The filing was signed by Peter Crawford, Executive Vice President and Chief Financial Officer.