Business Context and Reporting Period
This Form 8-K is a current report filed by Altice USA, Inc. (not Optimum Communications, Inc., which is a subsidiary brand) on May 5, 2023, regarding events occurring on May 4, 2023. The filing addresses executive personnel changes and compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
- Executive: Michael E. Olsen
- Role Change: Promoted from Executive Vice President, General Counsel to General Counsel & Chief Corporate Responsibility Officer.
- 2023 Salary: Increased to $500,000 annually.
- 2023 Long-Term Incentive: Target increased to $2,750,000 (includes a $750,000 incremental grant).
- One-Time Bonus: $100,000 cash bonus payable in May 2023.
- 2024 Salary: Scheduled to increase to $575,000 effective March 1, 2024.
- 2024 Long-Term Incentive: Target set at $3,000,000.
- Annual Cash Incentive: Remains at 100% of salary actually paid.
Material Changes
The material change reported is the promotion of Michael E. Olsen and the associated increase in his compensation package, approved by the Compensation Committee. There are no reported changes to the company's financial position or operations in this document.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of risks and contingencies beyond the standard disclosure of the executive appointment.
Investor Verification Checklist
- Verify the exact title and reporting line of Michael E. Olsen following the promotion.
- Confirm the vesting schedule and performance conditions for the $2,750,000 long-term incentive target.
- Review the Company's proxy statement for details on the Compensation Committee's approval process.
- Note that the filing entity is Altice USA, Inc., not Optimum Communications, Inc.