Business Context and Reporting Period
This Form 8-K Current Report was filed by Visteon Corporation on August 17, 2020, regarding an event that occurred on August 14, 2020. The filing addresses corporate governance and management changes, specifically the appointment of a new senior executive officer.
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 executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Ms. Abigail S. Fleming as Vice President and Chief Accounting Officer, effective August 20, 2020. Prior to this role, Ms. Fleming served as Executive Director and Assistant Controller at Tenneco Inc. and held positions at PricewaterhouseCoopers LLP.
Management Commentary and Compensation
Ms. Fleming's compensation package includes the following components:
- Base Salary: $235,000 annually.
- Annual Incentive Bonus: Target opportunity of 35% of base salary.
- Long-Term Incentive Program: Target opportunity of 50% of base salary.
- Cash Sign-on Bonus: $70,000, subject to a pro-rated clawback if she leaves within 24 months under certain conditions.
- Sign-on Equity Award: Grant date value of $35,000.
The filing confirms no family relationships exist between Ms. Fleming and current directors or officers, and no undisclosed transactions involving her material interest exist.
Investor Verification Checklist
- Verify the effective start date of Ms. Fleming's role (August 20, 2020).
- Confirm the clawback provisions associated with the $70,000 cash sign-on bonus.
- Review the specific terms of the long-term incentive program to understand vesting schedules.
- Check for any subsequent filings regarding changes to the executive team or compensation structure.