Business Context and Reporting Period
This Form 8-K Current Report was filed by Marqeta, Inc. on January 7, 2026. The filing discloses a significant executive leadership change regarding the appointment of a new Chief Financial Officer (CFO).
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
Executive Leadership Transition:
- New CFO: Patti Kangwankij is appointed as Chief Financial Officer, effective February 9, 2026.
- Role Separation: Current CEO Michael Milotich will cease serving as CFO and principal financial officer upon Ms. Kangwankij's start date but will remain CEO and a board member.
- Background: Ms. Kangwankij joins from Roofstock (CFO since Jan 2025), with prior experience at Stripe and JPMorgan Chase.
Compensation and Outlook
Compensation Package for Patti Kangwankij:
- Base Salary: $475,000 annually.
- Annual Incentive Bonus: Target of 75% of base salary ($356,250).
- Sign-on Bonus: $250,000 (contingent on one-year employment).
- Restricted Stock Units (RSUs): Approximate value of $5,950,000, vesting over approximately three years.
- Performance Stock Units (PSUs): Estimated value of $2,550,000, subject to performance goals and market price calculation.
Outlook and Risks: The filing does not contain specific business guidance, risk factors, or contingencies beyond standard severance and change-in-control provisions under the Executive Severance Plan.
Investor Verification Checklist
- Verify the exact start date of February 9, 2026, for the transition of CFO duties.
- Review the full text of the employment agreement (to be filed as an exhibit) for specific vesting acceleration clauses or termination conditions.
- Monitor the impact of the leadership change on the company's financial strategy and reporting timeline.
- Confirm the final grant date and share count for the PSUs once the 20-day average closing price is calculated.