Business Context and Reporting Period
This Form 8-K Current Report was filed by Cooper-Standard Holdings Inc. on August 23, 2021. The report discloses changes in executive leadership, specifically the appointment of a new Chief Accounting Officer and the resignation of the previous holder of that role.
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 associated compensation adjustments rather than financial performance metrics.
Material Changes
The primary material change reported is the transition of the Chief Accounting Officer role:
- Appointment: Rebecca (Becky) McCabe was appointed as Vice President, Chief Accounting Officer, effective September 13, 2021.
- Resignation: Peter Brusate resigned as Vice President, Corporate Controller and Chief Accounting Officer, effective September 10, 2021, to pursue other career opportunities.
Management Commentary and Compensation Details
In connection with Ms. McCabe's appointment, the Compensation Committee approved the following compensation adjustments:
- Base Salary: Increased from $243,000 to $300,000 annually.
- Annual Incentive Award (2021): Target increased from 35% to 40% of base salary.
- Long-Term Incentive (2021-2023): Target increased from $120,000 to $140,000.
- Special Grant: A one-time grant of stock options and restricted stock units valued at $20,000 under the 2021 Omnibus Incentive Plan.
The filing states there are no family relationships between Ms. McCabe and any director or executive officer, and she holds no material interest in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Confirm the effective dates of the leadership transition (September 10 and September 13, 2021).
- Verify the total value of the new compensation package for the incoming Chief Accounting Officer.
- Review the 2021 Omnibus Incentive Plan terms regarding the special one-time grant.
- Check subsequent filings for any impact on internal controls or financial reporting timelines due to the controller transition.