01—Abstract
Summary
Summary of the 8-K filed July 1, 2024. Cited figures are marked; the original filing is the authoritative source.
Synchrony Financial (SYF) filed this Form 8-K under Item 5.02 to report leadership changes in its accounting function.
David P. Melito, Chief Accounting Officer and Controller, retires effective July 2, 2024. Brian J.
Wenzel, Sr., Executive Vice President and Chief Financial Officer, will serve as interim principal accounting officer through July 31, 2024, and will receive no additional compensation or equity awards for this interim role. The Company appointed Amy Tiliakos as Senior Vice President, Chief Accounting Officer and Controller, effective August 1, 2024. She joins from American Express Company, where she held several reporting and controller roles since 2013, most recently as U.S. Regulatory Reporting Vice President from 2023 to 2024.
She is a Certified Public Accountant with a B.S. in Accounting from the University of Connecticut. Her compensation includes an annual base salary, eligibility for annual equity and non-equity incentive awards under the Company's 2024 Long-Term Incentive Plan and Annual Incentive Plan, and sign-on awards of cash and equity intended to offset forfeited compensation from her prior employer.
She will also enter the Company's standard indemnification agreement. The filing states no arrangements or family relationships tied to her appointment and no material related-party interest under Item 404(a) of Regulation S-K.
02—Key points
Key Highlights
- David P. Melito, Chief Accounting Officer and Controller, retires effective July 2, 2024.
- CFO Brian J. Wenzel, Sr. serves as interim principal accounting officer from July 2, 2024 through July 31, 2024, with no additional compensation or equity awards for the role.
- Amy Tiliakos appointed Senior Vice President, Chief Accounting Officer and Controller, effective August 1, 2024; appointment made June 28, 2024.
- Ms. Tiliakos joins from American Express Company, where she served in reporting and controller roles from 2013, most recently as U.S. Regulatory Reporting Vice President (2023 to 2024).
- She is a Certified Public Accountant with a B.S. in Accounting from the University of Connecticut.
- Compensation includes annual base salary, eligibility under the 2024 Long-Term Incentive Plan and Annual Incentive Plan, and cash and equity sign-on awards to offset forfeited prior-employer compensation.
- No arrangements, family relationships, or Item 404(a) related-party interests are disclosed in connection with her appointment.
03—Questions
Frequently Asked Questions
Who is replacing David Melito as Chief Accounting Officer?
Amy Tiliakos, who was appointed Senior Vice President, Chief Accounting Officer and Controller, effective August 1, 2024. She previously worked at American Express Company.
Who is handling the accounting officer duties during the gap?
Brian J. Wenzel, Sr., Executive Vice President and Chief Financial Officer, will serve as interim principal accounting officer from Melito's retirement through July 31, 2024. He will receive no additional compensation or equity awards for this role.
What compensation will Ms. Tiliakos receive?
She will receive an annual base salary and be eligible for annual equity and non-equity incentive compensation under the 2024 Long-Term Incentive Plan and Annual Incentive Plan. She is also eligible for cash and equity sign-on awards in consideration of compensation forfeited from her prior employer.
What are Ms. Tiliakos's qualifications?
She is a Certified Public Accountant and holds a B.S. in Accounting from the University of Connecticut. Her prior roles at American Express included External Reporting Vice President (2021 to 2023) and Global Commercial Services Group Controller Vice President (2019 to 2021).
Are there any related-party or family ties tied to the appointment?
No. The filing states there are no arrangements or understandings with any other person under which she was appointed, no family relationships with any director or executive officer, and no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K.
04—Continue