Business Context and Reporting Period
This Form 8-K filing by KBR, Inc. is dated May 16, 2017. The report discloses a change in principal officers, specifically the appointment of a new Vice President and Chief Accounting Officer effective May 30, 2017.
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 changes.
Material Changes
The primary material change is the appointment of Raymond L. Carney as Vice President and Chief Accounting Officer, replacing Nelson E. Rowe, Sr., who has been promoted to Senior Vice President/Officer of Financial Planning and Investor Relations.
Management Commentary and Compensation Details
- New Appointment: Raymond L. Carney brings prior experience as Chief Accounting Officer at Exterran Corporation and Dresser-Rand Group Inc., with a background at Alcoa and Ernst & Young.
- Compensation Package:
- Annual base salary: $310,000 (prorated to start date).
- 2017 Long-Term Incentive (LTI) Plan target grant value: $300,000 (comprised of Performance Award Units and Restricted Stock Units).
- Eligibility for the annual incentive plan and other standard senior executive benefits.
- Termination Provisions: Mr. Carney is entitled to a 90-day notice period for involuntary termination on or before December 31, 2017, and a 180-day notice period thereafter.
Investor Verification Checklist
- Confirm the effective date of Raymond L. Carney's appointment (May 30, 2017).
- Verify the specific composition of the $300,000 LTI award between Performance Award Units and Restricted Stock Units.
- Review the transition plan for Nelson E. Rowe, Sr. in his new role as Senior Vice President/Officer of Financial Planning and Investor Relations.