Business Context and Reporting Period
This Form 8-K filing by Conduent Inc. was submitted on October 19, 2017. The report discloses a material change in executive leadership, specifically the appointment of a new Chief Accounting Officer effective on the date of the report.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Appointment: Allan Cohen was appointed as Vice President and Chief Accounting Officer, effective October 19, 2017.
- Role Transition: Jay Chu will continue as Vice President of Finance but will no longer serve as the Company's principal accounting officer.
- Background: Mr. Cohen previously served as Senior Vice President and Controller of NBCUniversal (since 2011) and held roles at Time Warner, the SEC, and PriceWaterhouseCoopers.
Compensation and Management Commentary
The filing details the approved compensation package for Mr. Cohen, which includes:
- Base Salary: $400,000 annually.
- Annual Performance Incentive: Target of 60% of base salary (beginning in 2018), with a maximum payout of two times the target.
- Long-Term Incentives: Participation in the Executive Long-Term Incentive Plan (ELTIP) beginning in 2018 with a target grant of $250,000.
- Sign-on Grant: A one-time ELTIP grant of $250,000.
- Benefits: Eligibility for standard employee benefits, including severance and the 401(k) plan with a company match.
The filing contains no forward-looking guidance, risk factors, or contingencies beyond the standard disclosure of the executive appointment.
Investor Verification Checklist
- Verify the effective date of the Chief Accounting Officer transition (October 19, 2017).
- Confirm the total initial equity value granted ($500,000 in ELTIP grants).
- Review the separation of duties between the new Chief Accounting Officer and the Vice President of Finance.
- Note that this filing does not provide updated financial results; refer to the most recent 10-Q or 10-K for financial metrics.