01—Abstract
Summary
Summary of the 8-K filed October 1, 2024. Cited figures are marked; the original filing is the authoritative source.
Zoom Video Communications, Inc. filed this Current Report on Form 8-K on October 1, 2024 to announce a leadership change in its finance function.
The company announced the appointment of Michelle Chang as Chief Financial Officer, effective on or about October 7, 2024 (the "Effective Date"). Kelly Steckelberg will remain CFO until that date and will then transition to an advisory role. Ms. Chang, 50, most recently served as Chief Financial Officer and Corporate Vice President of the Commercial Sales and Partner Organization at Microsoft Corporation from August 2022 until October 2024.
She spent over 20 years at Microsoft and previously served as Chief Financial Officer of Modern Workplace and Security from November 2017 to August 2022. She holds a B.A. in Business-Accounting from the University of Washington. Under her Offer Letter, dated September 25, 2024, Ms. Chang receives an annual base salary of $580,000,a a target annual bonus equal to 90% of base salary (prorated for fiscal year 2025), and an initial grant of restricted stock units with a target value of $23.6 million.
The RSUs vest with 25%b on the one-year anniversary of the grant date and 6.25% each quarter thereafter, subject to continued service. She is also eligible for severance and change in control benefits under the company's Severance and Change in Control Plan and has entered into the company's standard indemnification agreement.
02—Key points
Key Highlights
- Michelle Chang named Chief Financial Officer, effective on or about October 7, 2024
- Kelly Steckelberg remains CFO until the Effective Date, then transitions to an advisory role
- Ms. Chang previously served as CFO and Corporate Vice President of Commercial Sales and Partner Organization at Microsoft from August 2022 to October 2024
- Ms. Chang has over 20 years of tenure at Microsoft, including as CFO of Modern Workplace and Security from November 2017 to August 2022
- Annual base salary of $580,000 and target annual bonus of 90% of base salary, prorated for fiscal year 2025
- Initial RSU grant with a target value of $23.6 million, vesting 25% after one year and 6.25% quarterly thereafter
- Eligible for severance and change in control benefits under the Severance and Change in Control Plan
03—Questions
Frequently Asked Questions
Who is replacing Kelly Steckelberg as Chief Financial Officer?
Michelle Chang has been appointed Chief Financial Officer, effective on or about October 7, 2024. Ms. Steckelberg will continue as CFO until that date and then transition to an advisory role.
What is Michelle Chang's professional background?
Ms. Chang was CFO and Corporate Vice President of the Commercial Sales and Partner Organization at Microsoft from August 2022 until October 2024. She spent over 20 years at Microsoft and was previously CFO of Modern Workplace and Security from November 2017 to August 2022. She holds a B.A. in Business-Accounting from the University of Washington.
What compensation does Ms. Chang receive under her offer letter?
She receives an annual base salary of $580,000 and a target annual bonus equal to 90% of base salary, prorated for fiscal year 2025. She also receives an initial RSU grant with a target value of $23.6 million.
How do the RSUs vest?
The RSUs vest with 25% on the one-year anniversary of the grant date, and an additional 6.25% vest each quarter thereafter, subject to her continued service with the Company on each vesting date.
What severance and indemnification protections apply to Ms. Chang?
She is eligible for severance and change in control benefits under the Company's Severance and Change in Control Plan and has entered into the Company's standard form of indemnification agreement with its directors and executive officers.
04—Continue