01—Abstract
Summary
Summary of the 8-K filed September 17, 2024. Cited figures are marked; the original filing is the authoritative source.
Synchrony Financial (NYSE: SYF) filed this Form 8-K on September 17, 2024 to report the election of Daniel Colao to its Board of Directors.
The Board elected Mr. Colao on September 12, 2024, and his appointment takes effect October 1, 2024. He will serve on the Risk and Technology Committees, and with his appointment the Board will consist of eleven members. Mr. Colao is a retired financial services executive who served as Chief Financial Officer and Executive Advisor of GE Capital from 2017 until his retirement in June 2021.
The filing states that he previously served on Synchrony's Board from February 2014 to November 2015, and it describes his expertise in financial services and consumer lending. The press release quotes CEO Brian Doubles saying Mr. Colao will provide valuable insights as the company navigates the economic environment and regulatory landscape. Under the non-management director compensation program, Mr. Colao will receive annual compensation of $265,000,a of which $100,000 is paid in cash and $165,000 in restricted stock units.
He will also receive additional annual cash fees of $20,000b for Risk Committee service and $15,000 for Technology Committee service. He has entered into the company's standard indemnification agreement. For investors, this is a governance update with no financial results disclosed.
02—Key points
Key Highlights
- Daniel Colao elected to Synchrony's Board of Directors by the Board on September 12, 2024, effective October 1, 2024
- Mr. Colao appointed to the Risk and Technology Committees of the Board
- Board size increases to eleven members with his appointment
- Annual director compensation of $265,000: $100,000 cash and $165,000 in restricted stock units
- Additional annual cash fees of $20,000 for Risk Committee and $15,000 for Technology Committee service
- Former GE Capital CFO and Executive Advisor (2017 to June 2021); previously served on Synchrony's Board from February 2014 to November 2015
- Mr. Colao entered into the company's standard indemnification agreement; no related-party transactions disclosed
03—Questions
Frequently Asked Questions
Who is Daniel Colao and what is his background?
Daniel Colao is a retired financial services executive with over 30 years of industry experience. He served as Chief Financial Officer and Executive Advisor of GE Capital from 2017 until his retirement in June 2021. He currently serves on the Advisory Board of AX Partners, a privately-held capital markets solutions provider.
When does Mr. Colao's board appointment take effect?
The Board elected Mr. Colao on September 12, 2024, and his appointment is effective October 1, 2024. He will serve on the Risk and Technology Committees.
How will Mr. Colao be compensated as a director?
He will receive annual compensation of $265,000 under the non-management director program, of which $100,000 is paid in cash and $165,000 in Company restricted stock units. He will also receive additional annual cash compensation of $20,000 for Risk Committee service and $15,000 for Technology Committee service.
Is Mr. Colao returning to the Synchrony Board?
Yes. The press release states that Mr. Colao previously served on the Company's Board from February 2014 to November 2015, and the CEO said the company was pleased to welcome him back.
Does this appointment change the size of the Board?
Yes. The press release states that with Mr. Colao's appointment, Synchrony's Board of Directors will consist of eleven members.
04—Continue