Business Context and Reporting Period
This Form 8-K Current Report was filed by Benchmark Electronics, Inc. on October 7, 2024. The filing discloses a significant executive appointment within the company's leadership team.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Bryan Schumaker as Executive Vice President, Chief Financial Officer (CFO), and Principal Accounting Officer, effective October 8, 2024. Mr. Schumaker replaces the previous CFO, though the departure of the prior officer is not detailed in this specific text.
Management Commentary and Compensation Details
Mr. Schumaker brings prior experience as CFO of SOURCE Global, PBC, TPI Composites, Inc., and 8point3 Energy Partners, and as Senior Vice President and Chief Accounting Officer for First Solar, Inc. His compensation package includes:
- Base Salary: $535,000 per year.
- Sign-on Bonus: $50,000 one-time cash payment, subject to pro rata repayment if he leaves within one year.
- Annual Incentive: Target award of 80% of annual eligible pay, commencing with the 2025 fiscal year.
- Long-Term Incentive: Target value of $1,400,000, split 50% in restricted stock units (vesting ratably over 3 years) and 50% in performance-based restricted stock units (vesting at the end of the 3-year period ending in 2026).
- Benefits: Participation in deferred compensation, executive health screening, tax planning reimbursement, and standard executive health programs.
Investor Verification Checklist
- Verify the effective date of the new CFO's appointment (October 8, 2024).
- Confirm the vesting schedule and performance metrics for the $1,400,000 long-term incentive award.
- Review the press release (Exhibit 99.1) for additional context on the strategic rationale for this appointment.
- Check subsequent filings for the departure details of the previous CFO.