Business Context and Reporting Period
This Form 8-K filing by Assurant, Inc. reports a corporate governance event dated May 15, 2017, regarding the appointment of a new Senior Vice President, Chief Accounting Officer, and Controller. The appointment was approved by the Board of Directors on May 12, 2017, with an effective date of June 1, 2017.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the leadership transition in the finance function:
- New Appointment: Daniel A. Pacicco appointed as Senior Vice President, Chief Accounting Officer, and Controller.
- Succession: Mr. Pacicco succeeds John A. Sondej in these roles.
- Role Transition: Mr. Sondej will continue to serve as Senior Vice President and Corporate Controller effective June 1, 2017.
Management Commentary and Compensation Details
Management disclosed the following compensation package for Mr. Pacicco:
- Base Salary: $385,000 annualized.
- Short-Term Incentive: Target award of 65% of annual base salary.
- Long-Term Incentive: Target award of 70% of annual base salary under the 2017 Long Term Equity Incentive Plan.
- One-Time Equity Award: 3,500 restricted stock units (RSUs) vesting in equal installments over five years, subject to continued employment.
- Benefits: Participation in standard officer compensation and benefit programs, including the Executive 401(k) Plan.
Mr. Pacicco previously served as Senior Vice President, Finance for Chubb Limited's North American operations (2016–2017) and held various controller and treasurer roles at The Chubb Corporation from 2003 to 2016.
Investor Verification Checklist
- Confirm the effective date of the leadership transition (June 1, 2017).
- Verify the vesting schedule and conditions for the 3,500 RSUs granted to Mr. Pacicco.
- Review the total annualized compensation value including base salary and target incentives.
- Check for any subsequent filings regarding the departure of John A. Sondej from his remaining roles.