Business Context and Reporting Period
This Form 8-K Current Report was filed by The Western Union Company on January 26, 2023, covering events reported as of January 20, 2023. The filing primarily addresses a change in executive leadership within the finance function.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It is a current report focused on corporate governance and executive compensation rather than financial performance results.
Material Changes
The material change disclosed is the appointment of Matthew Cagwin as Chief Financial Officer (CFO), effective January 20, 2023. Mr. Cagwin previously served as Interim CFO since September 2022 and joined the company in July 2022 as Head of Business Unit Financial Planning and Analysis.
Management Commentary and Compensation
Effective upon his appointment, Mr. Cagwin's compensation package includes:
- Base Salary: $525,000 annually, subject to merit increases.
- Annual Incentive: Target opportunity of 100% of base salary under the Senior Executive Performance Incentive Plan.
- Long-Term Incentive: Target grant date fair value of $2,150,000 under the 2015 Long-Term Incentive Plan for 2023 annual equity grants.
- Severance: Eligibility to participate in the Company's Executive Severance Policy.
The filing states there are no family relationships between Mr. Cagwin and any director or executive officer, and no undisclosed transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of the CFO appointment (January 20, 2023).
- Confirm the specific components of the new CFO's compensation package as disclosed.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.