8-KLeadership Changes

S&P Global Inc. 8-K Report, Executive Changes (Oct 13, 2016)

Filed October 13, 2016For Securities:SPGI

Summary

S&P Global Inc. announced a significant leadership change with the appointment of Ewout Steenbergen as Executive Vice President and Chief Financial Officer, effective November 14, 2016. Mr. Steenbergen brings a wealth of financial leadership experience, most recently serving as EVP and CFO at Voya Financial, Inc., and previously holding key roles at ING Group. This appointment signals a strategic move by S&P Global to leverage experienced financial talent to guide its operations and financial strategy moving forward. The company has detailed a comprehensive compensation package for Mr. Steenbergen designed to attract and retain him. This includes a substantial base salary, significant short-term and long-term incentive opportunities, a signing bonus, a guaranteed bonus for 2016, and substantial stock-based awards. The structure of these awards, including performance-based and time-based vesting, indicates a focus on aligning his compensation with the company's long-term performance and shareholder value.

Key Highlights

  • 1Ewout Steenbergen appointed as Executive Vice President and Chief Financial Officer, effective November 14, 2016.
  • 2Mr. Steenbergen previously served as EVP and CFO of Voya Financial, Inc. since 2010.
  • 3His compensation package includes a base salary of $750,000 annually.
  • 4Target short-term incentive compensation for 2017 is $1,000,000.
  • 5Long-term incentive opportunity for 2017 is valued at $1,800,000, with a mix of performance and time-based awards.
  • 6A signing bonus of $500,000 is provided, subject to repayment if he voluntarily leaves within 12 months.
  • 7Includes a guaranteed bonus of $1,000,000 for 2016 and significant restricted and performance stock awards valued at $2,250,000 and $2,000,000 respectively, with specific vesting schedules.

Frequently Asked Questions

Ewout Steenbergen has been appointed as the new Executive Vice President and Chief Financial Officer of S&P Global Inc., with his tenure beginning on November 14, 2016. He brings extensive financial leadership experience, most recently as EVP and CFO of Voya Financial, Inc.

Mr. Steenbergen's compensation is substantial and includes a $750,000 base salary, a $1,000,000 target short-term incentive for 2017, and an $1,800,000 long-term incentive opportunity for 2017. Additionally, he receives a $500,000 signing bonus (repayable under certain conditions), a $1,000,000 guaranteed bonus for 2016, and significant stock awards totaling $4,250,000 with specific vesting criteria.

Mr. Steenbergen will receive a restricted stock award valued at $2,250,000 that vests in three equal annual installments starting from the award date. He will also receive a performance stock award valued at $2,000,000, tied to the achievement of earnings per share goals, which vests on the third anniversary of the award date.

Yes, the $500,000 signing bonus is subject to a 100% repayment obligation if Mr. Steenbergen voluntarily separates from S&P Global within the first 12 months of his employment.