CB Richard Ellis Group, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CB Richard Ellis Group, Inc. on November 7, 2008. The report addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of an interim successor.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Resignation: Kenneth J. Kay resigned as Senior Executive Vice President and Chief Financial Officer, effective November 30, 2008.
- Appointment: Gil Borok was appointed as interim Chief Financial Officer, effective December 1, 2008, while retaining his role as Executive Vice President - Finance and Chief Accounting Officer.
Compensation and Management Commentary
In connection with his appointment as interim CFO, Mr. Borok's compensation package includes:
- Base Salary: $400,000 annually.
- Annual Bonus Target: Increased to $300,000 under the Executive Bonus Plan.
- Transition Bonuses: $50,000 payable upon assumption of the role (December 1, 2008) and $125,000 payable on the earlier of 90 days after a permanent CFO is hired or September 1, 2009.
- Severance Provisions: If terminated without cause within one year of the permanent CFO's hiring, Mr. Borok is entitled to 18 months of base salary, the target bonus, immediate vesting of 18,389 shares of restricted stock, and six months of health care coverage.
Investor Verification Checklist
- Confirm the timeline for the search and appointment of a permanent Chief Financial Officer.
- Review the impact of the leadership transition on ongoing financial reporting and internal controls.
- Verify the vesting schedule and value of the 18,389 restricted stock shares held by Mr. Borok.
- Monitor future filings for any additional executive departures or compensation adjustments.