01—Abstract
Summary
Summary of the 8-K filed March 4, 2024. Cited figures are marked; the original filing is the authoritative source.
United Airlines Holdings, Inc. filed this Form 8-K on March 4, 2024 under Item 5.02 to report a leadership change in its accounting function.
The Board of Directors appointed Brigitte Bokemeier, previously Assistant Controller of United, as Vice President, Controller and principal accounting officer of the Company, effective March 1, 2024. Ms. Bokemeier, age 47, has been with the Company for over 19 years and has served as Assistant Controller since October 2023. The Compensation Committee approved her compensation adjustments on February 29, 2024, including a short-term target incentive equal to 70%a of base salary and a long-term target incentive equal to 90% of base salary, effective for the 2024 annual long-term incentive grants.
She also received a promotional equity award with a total target value of $191,131,b granted 50% as time-based restricted share units and 50% as performance-based restricted share units. Her 2024 short-term incentive will be pro-rated to reflect the change in base salary and target incentive. Christopher T.
Kenny stepped down as Controller and principal accounting officer effective on the same date, and will provide transition services until June 3, 2024. The filing states that his departure was not the result of any disagreement with the Company on its operations, policies or practices.
02—Key points
Key Highlights
- Brigitte Bokemeier appointed Vice President, Controller and principal accounting officer, effective March 1, 2024
- Ms. Bokemeier previously served as Assistant Controller of United since October 2023 and has been employed with the Company for over 19 years
- Target incentive opportunities set at 70% of base salary (short-term) and 90% of base salary (long-term), effective for 2024 annual long-term incentive grants
- Promotional equity award with a total target value of $191,131, split 50% time-based and 50% performance-based restricted share units
- Christopher T. Kenny stepped down as Controller and principal accounting officer effective the same date, providing transition services until June 3, 2024
- The filing states Mr. Kenny's transition was not the result of any disagreement with the Company on operations, policies or practices
03—Questions
Frequently Asked Questions
Who is the new principal accounting officer of United Airlines Holdings?
Brigitte Bokemeier, who had been Assistant Controller of United since October 2023, was appointed Vice President, Controller and principal accounting officer, effective March 1, 2024.
What is Ms. Bokemeier's prior experience at the Company?
She served as Managing Director – Financial Reporting & Corporate Accounting of United from October 2019 to October 2023 and as Managing Director – Revenue Accounting Transformation Overall Program Manager from January 2017 to September 2019.
What compensation changes were approved for the new Controller?
The Compensation Committee approved a short-term target incentive of 70% of base salary and a long-term target incentive of 90% of base salary, effective for 2024 annual long-term incentive grants. Her 2024 short-term incentive will be pro-rated. She also received a promotional equity award with a total target value of $191,131.
Why did Christopher T. Kenny step down, and will he remain involved?
Mr. Kenny informed the Company on February 29, 2024 that he would step down as Controller and principal accounting officer effective March 1, 2024. He will continue providing certain services until June 3, 2024 to assist with the transition. The filing states the departure was not the result of any disagreement with the Company on operations, policies or practices.
04—Continue