SEC Filing Summary: SYNNEX CORPORATION (8-K)
Business Context and Reporting Period
This Form 8-K Current Report was filed on November 20, 2008, by SYNNEX Corporation (Delaware). The report details significant corporate governance changes, specifically executive succession and amendments to director compensation plans, effective late November and December 2008.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation and governance adjustments.
- Robert T. Huang (Retiring CEO): Annual base compensation of $400,000 as Chairman of the Board; equity compensation equivalent to other outside directors.
- Kevin M. Murai (New CEO): Annual base salary of $500,000 as President and sole Chief Executive Officer.
- Matthew Miau (Chairman Emeritus): Standard retainer, meeting attendance fees, and equity compensation as an outside director.
- Compensation Committee Chairman Retainer: Increased from $5,000 to $7,500 annually.
Material Changes Versus Prior Period
The primary material changes involve leadership structure and equity vesting schedules:
- Executive Succession: Robert T. Huang retires as President and Co-CEO on December 1, 2008, becoming Chairman of the Board. Kevin M. Murai assumes the role of President and sole CEO.
- Board Composition: Matthew Miau transitions from Chairman to Chairman Emeritus while remaining a director.
- Equity Vesting Schedule: The Board amended the 2003 Stock Incentive Plan. Restricted shares for outside directors now vest quarterly over one year, replacing the previous schedule of one-third vesting annually over three years.
Guidance, Outlook, and Risks
The filing contains no financial guidance, market outlook, or discussion of operational risks. The changes are presented as part of a planned CEO succession strategy and routine governance updates. No unusual items or contingencies were disclosed in this report.
Investor Verification Checklist
- Confirm the effective date of Kevin M. Murai's appointment as sole CEO (December 1, 2008).
- Review the full text of the amended 2003 Stock Incentive Plan to understand the new quarterly vesting terms for director equity.
- Verify the total compensation package for Robert T. Huang, including the specific equity grants as an outside director.
- Check subsequent filings for any impact of the leadership transition on strategic direction or financial performance.