Business Context and Reporting Period
This Form 8-K is a current report filed by Delphi Automotive PLC (not Aptiv PLC) on March 1, 2016, regarding events occurring on February 29, 2016. The filing addresses the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on executive personnel changes and compensation arrangements.
Material Changes
- Executive Departure: Mark J. Murphy, Chief Financial Officer and Executive Vice President, stepped down effective February 29, 2016.
- Executive Appointment: Joseph R. Massaro, previously Vice President, Corporate Controller, was appointed Chief Financial Officer and Senior Vice President effective March 1, 2016.
Management Commentary and Compensation
The Compensation and Human Resources Committee approved the following compensation package for Mr. Massaro:
- Base Salary: $550,000 annually.
- Bonus Target: 90% of base salary.
- Long-Term Incentive: Target value of $1.5 million in restricted stock units (25% time-vesting, 75% performance-vesting).
Mr. Massaro's existing post-service covenants, including non-compete and non-solicitation provisions, remain in effect. The filing states he has no material interest in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the transition timeline for the CFO role between Mr. Murphy and Mr. Massaro.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership change.
- Confirm the vesting schedule details for the $1.5 million long-term incentive award in subsequent filings.