Delek US Holdings, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Delek US Holdings, Inc. on March 5, 2019. The filing reports a significant change in executive leadership effective immediately on the date of the report.
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
- Executive Appointment: Mr. Assi Ginzburg was appointed as Executive Vice President and Chief Financial Officer.
- Executive Transition: Mr. Kevin Kremke is stepping down as CFO but will remain with the company as an Executive Vice President to assist with the transition.
- Compensation Structure: Mr. Ginzburg's new compensation package includes a base salary of $400,000, a target annual bonus of 70% of base salary, and a long-term incentive value of $650,000 (split between time-vested restricted stock units and performance share restricted stock units).
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on operations, or discussion of risks and contingencies. The primary focus is the announcement of the CFO transition.
Key Facts for Investor Verification
- Confirm the effective date of Mr. Ginzburg's appointment as CFO (March 5, 2019).
- Verify the specific components of the new CFO's compensation package ($400k base, 70% bonus target, $650k LTIP).
- Review the background of Mr. Ginzburg, noting his prior tenure as CFO from 2013 to 2017 and his continued role in Delek Logistics GP, LLC.
- Check subsequent filings for the formal departure of Mr. Kremke from the CFO role and any impact on financial reporting timelines.