Business Context and Reporting Period
This Form 8-K Current Report was filed by Veeva Systems Inc. on September 11, 2024. The report discloses a change in executive leadership, specifically the appointment of a new Chief Financial Officer and the resignation of the Interim CFO.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Appointment of CFO: Brian Van Wagener was appointed Chief Financial Officer, effective September 16, 2024. He previously served as Executive Vice President, Finance.
- Departure of Interim CFO: Tim Cabral resigned from his position as Interim Chief Financial Officer effective September 16, 2024. He will remain on the Board of Directors.
Compensation and Management Commentary
Mr. Van Wagener's compensation package includes an annual base salary of $450,000 and the following equity grants with a vesting start date of August 1, 2024:
- RSU Grant 1: 2,193 shares (62.5% vesting Jan 1, 2025; 37.5% vesting Apr 1, 2025).
- Stock Option Grant 1: 6,579 shares at a strike price of $185.74, vesting 25% annually over 4 years.
- RSU Grant 2: 5,848 shares, 100% vesting on August 1, 2028.
- Stock Option Grant 2: 17,544 shares at a strike price of $185.74, 100% vesting on August 1, 2028.
Mr. Van Wagener brings 20 years of experience in technology, healthcare, and life sciences, having previously held roles at BetterUp, Frontier Communications, and Monitor Deloitte.
Investor Verification Checklist
- Verify the effective date of the CFO transition (September 16, 2024) against internal governance records.
- Review the attached Exhibit 10.1 (Offer Letter) for specific vesting conditions and termination clauses.
- Confirm Tim Cabral's continued role and voting rights as a Board member post-resignation.
- Assess the impact of the new equity grants on total shareholder dilution and future compensation expenses.