Business Context and Reporting Period
This Form 8-K filing by Salesforce, Inc. (salesforce.com, inc.) is dated March 6, 2008. The report discloses a significant change in executive leadership regarding the appointment of a new Chief Financial Officer.
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 appointment of Graham Smith as Chief Financial Officer (CFO), principal financial officer, and principal accounting officer, effective March 6, 2008. Mr. Smith replaces Steve Cakebread, who transitions to the role of President and Chief Strategy Officer.
Management Commentary and Compensation Details
Mr. Smith, age 48, joined the company in December 2007 as Executive Vice President and CFO Designate. His prior experience includes CFO roles at Advent Software, Vitria Technology, and Nuance Communications, as well as senior finance roles at Oracle Corporation. His compensation package includes:
- Base Salary: $400,000 annually.
- Annual Bonus: Eligible for up to $200,000 based on performance objectives.
- Equity Grants: 20,000 restricted stock units and an option to purchase 240,000 shares of common stock, subject to standard vesting.
- Severance: If terminated without cause within the first 12 months, he receives the greater of 12 months' base salary plus accelerated vesting of 12 months of initial equity, or 18 months' base salary. After the first 12 months, termination without cause results in 18 months' base salary.
Investor Verification Checklist
- Verify the effective date of Graham Smith's appointment as CFO (March 6, 2008).
- Confirm the transition of Steve Cakebread to President and Chief Strategy Officer.
- Review the specific vesting schedules for the 20,000 RSUs and 240,000 stock options granted to Mr. Smith.
- Assess the impact of the new CFO's background (Advent Software, Oracle) on future financial strategy.