Summary
This Form 8-K filing from Synopsys Inc. (SNPS) reports on changes to the compensation of its Co-Chief Executive Officers, Dr. Chi-Foon Chan and Dr. Aart de Geus, for fiscal year 2013. The adjustments were made to align their compensation with their Co-CEO roles, following Dr. Chan's promotion in May 2012. Key changes include an increase in Dr. Chan's base salary from $450,000 to $500,000, bringing it in line with Dr. de Geus' salary. Additionally, Dr. Chan's target cash incentive payment under the Executive Incentive Plan was raised from 170% to 220% of his base salary. In a related adjustment, Dr. de Geus' target cash incentive was reduced from 240% to 220% of his base salary, ensuring both Co-CEOs have the same incentive target percentage.
Key Highlights
- 1Synopsys Inc. announced compensation adjustments for its Co-Chief Executive Officers, Dr. Chi-Foon Chan and Dr. Aart de Geus, for fiscal year 2013.
- 2Dr. Chi-Foon Chan's base salary was increased from $450,000 to $500,000 for fiscal year 2013.
- 3Dr. Chan's target cash incentive payment percentage under the Executive Incentive Plan (EIP) increased from 170% to 220% of his base salary.
- 4Dr. Aart de Geus' target cash incentive payment percentage under the EIP was decreased from 240% to 220% of his base salary.
- 5The compensation changes aim to reflect the Co-Chief Executive Officer roles and ensure alignment in incentive targets.
- 6These changes were approved by the Compensation Committee of Synopsys' Board of Directors on December 12, 2012.