Business Context and Reporting Period
This Form 8-K Current Report was filed by Deluxe Corporation on October 30, 2009, with the earliest event reported on that date. The filing primarily addresses executive leadership changes within the finance department.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to executive compensation and severance arrangements:
- New CFO Base Salary: Terry D. Peterson's annual base salary is set at $335,000.
- Outgoing CFO Severance: Richard S. Greene is entitled to $274,500 (representing nine months' base salary) paid over nine months.
- Additional Severance: Potential top-up payments for up to six months if Greene's new employment compensation is lower than his previous base salary.
Material Changes
The material change reported is the departure of the Chief Financial Officer and the appointment of a successor:
- Resignation: Richard S. Greene resigned as Chief Financial Officer, effective October 31, 2009.
- Appointment: Terry D. Peterson was appointed Senior Vice President and Chief Financial Officer, effective November 1, 2009.
- Role Continuity: Mr. Peterson will continue to serve as the Company's principal accounting officer in addition to his new role as principal financial officer.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or management commentary regarding business operations or financial performance. The primary risk disclosed relates to the execution of the Separation Agreement with the departing CFO, which includes standard provisions for a general release of claims and mutual confidentiality obligations. The filing notes that Mr. Peterson has no family relationships with any director or other executive officer.
Investor Verification Checklist
- Verify the effective dates of the CFO transition (Oct 31, 2009 for resignation; Nov 1, 2009 for appointment).
- Review the attached Press Release (Exhibit 99.1) for additional context on the leadership change.
- Confirm the terms of the Executive Retention Agreements referenced in the 2008 Form 10-K (Exhibits 10.16 and 10.17) regarding severance multiples.
- Note that no financial performance data is included in this specific filing; refer to the most recent 10-K or 10-Q for operational metrics.