01—Abstract
Summary
Summary of the 8-K filed December 2, 2014. Cited figures are marked; the original filing is the authoritative source.
United Rentals, Inc. (URI) filed an 8-K on December 1, 2014, to report a significant change in its principal accounting officer roles.
John Fahey, previously Vice President – Controller and Principal Accounting Officer, will transition to lead the Financial Planning & Analysis department. Concurrently, Jessica Graziano has been appointed as the new Vice President – Controller and Principal Accounting Officer, effective December 1, 2014.
This transition brings in Jessica Graziano, who has prior experience as Senior Vice President – Chief Accounting Officer and Corporate Controller at Revlon, Inc. The filing details her compensation package, including a base salary of $330,000,a an annual bonus target of 80%, a guaranteed minimum bonus of $250,000 for March 2015 (contingent on 24 months of employment), and a restricted stock unit award valued at $200,000 vesting over three years. This appointment signals a strategic move to bolster the company's accounting and financial oversight leadership.
02—Key points
Key Highlights
- John Fahey transitions from VP - Controller & Principal Accounting Officer to VP, Financial Planning & Analysis.
- Jessica Graziano appointed as the new VP - Controller & Principal Accounting Officer, effective December 1, 2014.
- Graziano brings executive accounting experience from Revlon, Inc.
- Graziano's employment agreement includes a base salary of $330,000 and an 80% bonus target.
- A guaranteed minimum bonus of $250,000 is provided to Graziano, conditioned on 24 months of continued employment.
- Graziano will receive $200,000 in restricted stock units, vesting over three years.
- The agreement outlines severance provisions for termination without cause or resignation for good reason, including 12 months of salary and COBRA continuation.
03—Questions
Frequently Asked Questions
Why is John Fahey changing roles?
John Fahey is moving from his role as Vice President – Controller and Principal Accounting Officer to lead the Financial Planning & Analysis department as Vice President, Financial Planning & Analysis. This change is intended to leverage his expertise in a different, yet critical, financial function.
What is Jessica Graziano's background?
Jessica Graziano joins United Rentals as Vice President – Controller and Principal Accounting Officer. She previously held senior accounting positions at Revlon, Inc., including Senior Vice President – Chief Accounting Officer and Corporate Controller, and has extensive experience in financial operations and accounting.
What are the key components of Jessica Graziano's compensation package?
Ms. Graziano's compensation includes an annual base salary of $330,000, an annual bonus target of 80% of her base salary, a guaranteed minimum bonus of $250,000 for March 2015 (contingent on 24 months of employment), and an award of $200,000 in restricted stock units that vest over three years.
What protections does Jessica Graziano have in case of termination?
In the event of termination without 'cause' or resignation for 'good reason' (as defined in her agreement), Ms. Graziano is entitled to her accrued salary, up to 12 months of COBRA continuation coverage paid by the company, and 100% of her annual base salary paid out over the 12 months following termination. She is also subject to 12-month non-competition and non-solicitation clauses.
04—Continue