Summary
Synopsys, Inc. (SNPS) announced a significant leadership change, appointing Shelagh Glaser as its new Chief Financial Officer (CFO), effective December 2, 2022. Ms. Glaser brings extensive financial leadership experience from her previous roles as CFO of Zendesk, Inc. and various senior finance positions at Intel Corporation, including CFO roles for major divisions. This appointment is a key development for the company as it navigates its growth and financial strategy. The transition involves Trac Pham stepping down as CFO to serve as an executive advisor through December 2022, ensuring a smooth handover. Ms. Glaser's compensation package includes a base salary of $600,000, an annual incentive target of 100% of base salary, a $1,150,000 relocation payment, and substantial equity grants valued at $12,000,000, including stock options and various forms of restricted stock units. She will also be eligible for annual equity awards and participate in executive benefit plans.
Key Highlights
- 1Appointment of Shelagh Glaser as Chief Financial Officer (CFO), effective December 2, 2022.
- 2Trac Pham transitions from CFO to an executive advisor role to ensure an orderly transition.
- 3Shelagh Glaser has a strong background with previous CFO experience at Zendesk and extensive finance leadership at Intel Corporation.
- 4Ms. Glaser's initial compensation includes a $600,000 base salary and a target annual incentive of 100% of her base salary.
- 5A significant relocation assistance payment of $1,150,000 is provided to Ms. Glaser.
- 6Ms. Glaser will receive initial equity grants valued at $12,000,000, comprising stock options and restricted stock units (RSUs), including performance-based RSUs.
- 7She is eligible for future annual equity awards and standard executive benefit plans, including severance and change of control provisions.