Business Context and Reporting Period
This Form 8-K Current Report was filed by Cooper-Standard Holdings Inc. on June 7, 2022. The filing addresses executive personnel changes within the company's finance leadership, specifically the appointment of a new Chief Accounting Officer and the resignation of the incumbent.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation and personnel transitions rather than financial performance data.
Material Changes
The primary material change reported is the transition of the Chief Accounting Officer role:
- Resignation: Rebecca (Becky) McCabe resigned as Vice President, Chief Accounting Officer, effective July 8, 2022, to pursue other career opportunities.
- Appointment: Amy Kulikowski was appointed as Vice President, Chief Accounting Officer, effective July 11, 2022.
Management Commentary and Compensation Details
In connection with Ms. Kulikowski's appointment, the Compensation Committee approved the following compensation adjustments:
- Base Salary: Increased from $257,500 to $300,000 annually.
- Annual Incentive Award (2022): Target increased from 35% to 40% of base salary.
- Long-Term Incentive (2022-2024): Target increased from $120,000 to $140,000.
- Special Grant: A one-time grant of restricted stock units valued at $20,000 under the 2011 Omnibus Incentive Plan.
The filing contains no specific guidance, outlook, or discussion of risks and contingencies beyond the standard personnel transition.
Key Facts for Investor Verification
- Verify the effective dates of the leadership transition (July 8 and July 11, 2022) to ensure continuity in financial reporting.
- Review the total compensation package for the new Chief Accounting Officer, noting the $42,500 base salary increase and the $20,000 special stock grant.
- Confirm that the resignation of the previous Chief Accounting Officer was voluntary and for career opportunities outside the industry.