01—Abstract
Summary
Summary of the 8-K filed June 9, 2025. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (Nasdaq: SYM) announced on June 9, 2025 a leadership change in its finance function.
Izilda "Izzy" Martins, currently Executive Vice President and Chief Financial Officer at Avis Budget Group, Inc., will become Chief Financial Officer, Treasurer and principal financial officer effective August 9, 2025, after joining as CFO-designate on July 1, 2025 under an offer letter dated June 5, 2025. Her compensation includes a $650,000a base salary, a target annual bonus of 100% of base salary, a $500,000 sign-on cash bonus subject to clawback, and an equity award with an aggregate target value of $12,000,000, two-thirds in restricted stock units and one-third in performance stock units tied to fiscal year 2028 vesting. Carol Hibbard, the current CFO and Treasurer, is separating from the company.
She will remain CFO and Treasurer until August 8, 2025, then serve as a Senior Vice President to assist with transition matters, with her employment ending January 1, 2026. She will then act as a consultant through March 31, 2026. Under her Transition Agreement, she is entitled to $600,000b in severance paid over 12 months, a fiscal 2025 bonus equal to $510,000 multiplied by the company's bonus achievement percentage for the executive leadership team, continued vesting of her restricted stock units through the consulting period, and 12 months of subsidized group medical coverage, subject to a release of claims.
The company's press release describes Hibbard's departure as a decision to explore other opportunities and credits her with guiding the company through revenue growth, expansion and investment in innovation, along with improving project execution and controlling costs. The press release is furnished under Item 7.01 and is not deemed filed for Section 18 purposes.
02—Key points
Key Highlights
- Izilda "Izzy" Martins, formerly EVP and CFO at Avis Budget Group, Inc., will become Symbotic's CFO and principal financial officer effective August 9, 2025, joining as CFO-designate on July 1, 2025.
- Martins's compensation includes a $650,000 base salary, a 100% target annual bonus, a $500,000 sign-on cash bonus, and an equity award with an aggregate target value of $12,000,000.
- Two-thirds of Martins's equity award is restricted stock units vesting over three years; the remaining one-third is performance stock units that vest in fiscal year 2028, subject to continued employment.
- Carol Hibbard, the current CFO and Treasurer, will step down from her CFO and Treasurer roles on August 8, 2025, and her employment will terminate January 1, 2026, followed by a consulting period through March 31, 2026.
- Hibbard's Transition Agreement provides $600,000 in severance over 12 months, a fiscal 2025 bonus of $510,000 multiplied by the company's leadership bonus achievement percentage, continued RSU vesting through the consulting period, and 12 months of subsidized medical coverage, subject to a release.
- Hibbard's departure is described as a decision to explore other opportunities, and the company credited her with guiding revenue growth, expansion and investment in innovation.
03—Questions
Frequently Asked Questions
Who is replacing Carol Hibbard as Symbotic's CFO, and when does the change take effect?
Izilda "Izzy" Martins will become Chief Financial Officer, Treasurer and principal financial officer effective August 9, 2025. She joins as CFO-designate on July 1, 2025, under an offer letter dated June 5, 2025.
What is Izzy Martins's background?
Martins is 53 and has served as Executive Vice President and Chief Financial Officer at Avis Budget Group, Inc. since January 2024. Earlier she held roles at Avis Budget Group and its predecessor Cendant Corporation, including Executive Vice President, Americas, and she previously worked at Deloitte & Touche LLP. She holds a Bachelor of Science in Accounting and a Juris Doctor from Seton Hall University.
What compensation will the new CFO receive?
Martins will receive a $650,000 base salary, a target annual performance bonus of 100% of base salary, a $500,000 sign-on cash bonus paid in two halves after one month and one year, and an equity award with an aggregate target value of $12,000,000. Her sign-on bonus is subject to repayment if she is terminated for Cause or resigns without Good Reason within two years.
What severance and transition terms apply to Carol Hibbard?
Hibbard will receive $600,000 in severance paid over 12 months, a fiscal 2025 bonus of $510,000 multiplied by the leadership bonus achievement percentage, continued vesting of her RSUs through March 31, 2026, and 12 months of subsidized group medical coverage, subject to a release of claims. Severance does not apply if her separation results from a termination for Cause.
Why is Carol Hibbard leaving?
The company's press release states that Hibbard will depart to explore other opportunities. The company thanked her for her leadership during the post-IPO period, including her work on improving project execution, controlling costs and delivering deployments more efficiently.
04—Continue