8-KLeadership Changes

Warner Bros. Discovery, Inc. 8-K Report, Executive Changes (Jan 23, 2017)

Filed January 23, 2017For Securities:WBD

Summary

This 8-K filing from Warner Bros. Discovery (WBD), filed on January 23, 2017, pertains to changes in its executive leadership, specifically concerning the Chief Financial Officer (CFO) role. The key event is the amendment to the employment agreement of the then-CFO, Andrew Warren, extending his tenure until March 31, 2017, and outlining specific terms for his departure. This extension ensures continuity in financial leadership during a transition period. Investors should note that Mr. Warren's separation will be classified as a termination without cause, as defined in his original employment agreement. The amendment also details his eligibility for a prorated bonus for 2017 and an additional annual bonus payment. Importantly, the filing announces the appointment of Gunnar Wiedenfels as the new CFO, effective April 1, 2017, signaling a planned and orderly succession in this critical financial role.

Key Highlights

  • 1Amendment to CFO Andrew Warren's employment agreement extending his tenure to March 31, 2017.
  • 2Mr. Warren's departure is classified as a termination without Cause.
  • 3Mr. Warren is eligible for a prorated 2017 bonus and an additional target annual bonus payment.
  • 4No other provisions of Mr. Warren's employment agreement were amended.
  • 5Gunnar Wiedenfels appointed as the new Chief Financial Officer.
  • 6Gunnar Wiedenfels's tenure as CFO commences on April 1, 2017.

Frequently Asked Questions

This 8-K filing announces an amendment to the employment agreement of the Chief Financial Officer, Andrew Warren, extending his service to March 31, 2017, and details the terms of his departure. It also announces the appointment of Gunnar Wiedenfels as the new CFO, effective April 1, 2017.

Andrew Warren will receive a prorated portion of his bonus for 2017 based on his service through March 31, 2017. He is also entitled to an additional annual bonus amount, at target, paid at the same time as his base salary continuation payments begin.

Yes, the filing states that Mr. Warren's separation as of March 31, 2017, will be considered a termination without Cause by the Company, as defined in his employment agreement.

Gunnar Wiedenfels will commence his employment as the Company's Chief Financial Officer on April 1, 2017.