Summary
Synopsys, Inc. (SNPS) announced on May 30, 2007, significant additions to its Board of Directors with the appointment of two seasoned executives: Alfred J. Castino, CFO of Autodesk, Inc., and John Schwarz, CEO of Business Objects. These appointments bring valuable expertise in financial and executive leadership to the company. Both new directors will participate in Synopsys' non-employee director compensation plan, which includes an annual cash retainer, stock options, and equity awards. Mr. Castino, in particular, will receive additional compensation for his role on the Audit Committee. Investors should view these appointments as a move to strengthen corporate governance and leverage the extensive experience of these individuals in strategic decision-making.
Key Highlights
- 1Synopsys appointed Alfred J. Castino and John Schwarz to its Board of Directors, effective May 30, 2007.
- 2Alfred J. Castino is the Chief Financial Officer of Autodesk, Inc.
- 3John Schwarz is the Chief Executive Officer of Business Objects.
- 4Both new directors have been appointed to the Nominating and Corporate Governance Committee.
- 5Mr. Castino will serve on the Audit Committee, and Mr. Schwarz will serve on the Compensation Committee.
- 6Non-employee directors receive an annual cash retainer of $125,000, an initial stock option award of 30,000 options, and an annual equity award valued at $125,000.
- 7Mr. Castino will receive an additional $2,000 per meeting for up to four Audit Committee meetings annually.