Business Context and Reporting Period
This Form 8-K Current Report was filed by Cooper-Standard Holdings Inc. on January 27, 2015. The filing reports on executive leadership transitions within Cooper-Standard Automotive Inc., effective in early 2015.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation and personnel changes.
Material Changes
- Departure of CFO: Allen J. Campbell will transition out of his role as Executive Vice President and Chief Financial Officer effective March 2, 2015. He will assume the role of Executive Vice President, Chief Infrastructure Officer, and relocate to Asia.
- Appointment of New CFO: Matthew W. Hardt was appointed Executive Vice President effective February 2, 2015, and Executive Vice President and Chief Financial Officer effective March 2, 2015.
- Compensation Package: Mr. Hardt's annual base salary is set at $400,000. His 2015 annual incentive target is 65% of base salary. He will receive Long-Term Incentive Plan (LTIP) awards in Q1 2015 with an aggregate grant-date value of approximately $500,000.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of material risks and contingencies. The primary focus is the execution of the leadership transition and the terms of the new CFO's employment agreement.
Investor Verification Checklist
- Verify the exact effective dates for the CFO transition (March 2, 2015) and the interim EVP role (February 2, 2015).
- Review the attached Offer Letter (Exhibit 10.1) for specific performance metrics tied to the $500,000 LTIP award.
- Confirm the details of Mr. Campbell's new role and relocation to Asia.
- Check subsequent filings for the appointment of a successor to Mr. Campbell's previous responsibilities if not fully covered by the new infrastructure role.