Summary
Seagate Technology plc (STX) filed an 8-K on August 6, 2015, reporting an event on July 31, 2015. The key information for investors pertains to a compensation adjustment for Philip G. Brace. Mr. Brace's annual base salary was increased from $500,000 to $600,017.60, effective immediately on July 31, 2015. This salary increase was a direct result of Mr. Brace's expanded responsibilities, specifically his appointment as the President of Cloud Systems and Electronics Solutions (CSES) on July 22, 2015. The filing clarifies that no other changes were made to his overall compensation package in connection with this new role, suggesting a focused adjustment to his base pay to reflect his elevated position within the company's structure.
Key Highlights
- 1Philip G. Brace's annual base salary increased from $500,000 to $600,017.60.
- 2The salary increase is effective as of July 31, 2015.
- 3The adjustment recognizes Mr. Brace's expanded role and responsibilities.
- 4Mr. Brace was appointed President of Cloud Systems and Electronics Solutions (CSES) on July 22, 2015.
- 5No other compensation changes were made for Mr. Brace in connection with his appointment.
Frequently Asked Questions
The primary purpose of this 8-K filing was to report an adjustment to the compensation of an executive officer, specifically Philip G. Brace, due to his expanded role.
Philip G. Brace's salary was increased to recognize his expanded responsibilities following his appointment as President of Cloud Systems and Electronics Solutions (CSES) on July 22, 2015.
According to the filing, no other changes were made to Mr. Brace's compensation arrangements in connection with his appointment as President of CSES. The adjustment was solely to his annual base salary.
The increase in Mr. Brace's annual base salary became effective on July 31, 2015.