Business Context and Reporting Period
This Form 8-K Current Report was filed by Pacific Biosciences of California, Inc. on May 26, 2020. The filing reports a specific corporate governance event regarding the appointment of a senior executive officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the appointment of Eric E. Schaefer as Vice President and Chief Accounting Officer, effective immediately on May 26, 2020. Mr. Schaefer succeeded Susan K. Barnes as the Company's principal accounting officer. Mr. Schaefer had previously served as Senior Director, Corporate Controller since March 2019 and Assistant Controller since June 2012.
Management Commentary and Compensation
Management disclosed the following compensation terms for the new appointment:
- Base Salary: $235,000
- Bonus Eligibility: Up to 35% of base salary
The filing states there are no family relationships between Mr. Schaefer and any director or executive officer, and no transactions requiring disclosure under Item 404(a) of Regulation S-K. No specific risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Points
- Verify the effective date of Eric E. Schaefer's appointment as Chief Accounting Officer (May 26, 2020).
- Confirm the compensation structure, specifically the $235,000 base salary and 35% bonus potential.
- Note that Susan K. Barnes, the outgoing principal accounting officer, signed the report as Executive Vice President and Chief Financial Officer.