Business Context and Reporting Period
This Form 8-K filing by SunCoke Energy, Inc. is dated October 21, 2014. The report discloses a material change in executive leadership, specifically the resignation of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Resignation: Mark E. Newman resigned as Senior Vice President and Chief Financial Officer, effective October 21, 2014. He will remain an employee until November 3, 2014.
- Appointment: Fay West was appointed Senior Vice President and Chief Financial Officer, effective October 27, 2014.
- Background: Ms. West previously served as the Company's Vice President and Controller since February 2011 and held similar roles at SunCoke Energy Partners GP LLC.
Compensation and Management Commentary
Ms. West has signed a letter agreement outlining the following compensation terms effective October 27, 2014:
- Base Salary: $400,000 annually.
- Annual Bonus: Target of 70% of base salary, subject to company metrics and individual performance.
- Long-Term Equity: Award of 110% of base salary beginning with the 2015 award cycle, consisting of performance-based stock units, stock options, and restricted stock units.
The filing includes a Safe Harbor Statement noting that forward-looking statements in the attached press release are subject to risks and uncertainties that could cause actual results to differ materially.
Investor Verification Checklist
- Verify the transition timeline between Mr. Newman's departure and Ms. West's effective start date.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership change.
- Monitor the upcoming Form 10-Q for the period ended September 30, 2014, for the full text of Ms. West's letter agreement.
- Confirm that no undisclosed material interests or familial relationships exist regarding the new appointment, as stated in the filing.