Filing Summary: Fidelity National Information Services, Inc. (FIS)
Business Context and Reporting Period
This Form 8-K Current Report was filed on June 14, 2018, covering events occurring on June 11, 2018. The filing pertains to corporate governance changes, specifically the appointment of new members to the Board of Directors.
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 appointments and associated compensation.
Material Changes
The Board of Directors increased its size from eight to ten members by appointing Alexander Navab and Brian T. Shea. Both directors were appointed to serve until the next annual meeting of shareholders or until their respective death, resignation, or removal.
- Alexander Navab: Former head of the Americas Private Equity business at Kohlberg Kravis & Roberts & Co. (KKR) with extensive experience in global enterprise operations and M&A.
- Brian T. Shea: Former Vice Chairman and CEO of Investment Services for The Bank of New York Mellon Corporation (BNY Mellon) with extensive experience in financial technology and regulations.
Compensation and Outlook
In connection with their appointments, Mr. Navab and Mr. Shea each received a one-time grant of equity valued at $150,000 in the form of time-based restricted stock units. These units vest ratably in one-year increments over a three-year period. Both directors will also participate in the standard compensation program for non-management directors as outlined in the company's 2018 Proxy Statement.
The filing does not contain specific guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items beyond the standard disclosure of the appointments.
Key Facts for Investor Verification
- Verify the total number of directors on the board is now ten.
- Confirm the vesting schedule of the $150,000 restricted stock unit grants for the new directors.
- Review the attached press release (Exhibit 99.1) for additional biographical details and strategic rationale for the appointments.
- Check the 2018 Proxy Statement for the full details of the non-management director compensation program.