Business Context and Reporting Period
This Form 8-K filing by Park Hotels & Resorts Inc. (Delaware) reports a corporate governance event dated December 20, 2016. The report was filed on December 27, 2016, following the company's spin-off from its parent, Hilton Worldwide Holdings Inc.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of a new senior executive officer. No financial or operational changes relative to a prior period are disclosed in this specific filing.
Management Commentary and Compensation
The Board of Directors appointed Mr. Darren W. Robb as Senior Vice President and Chief Accounting Officer, effective immediately. In this role, he serves as the principal accounting officer. His compensation package includes:
- Base Salary: $325,000 annually, commencing upon the completion of the spin-off from Hilton.
- Annual Bonus: Targeted at 45% of the Base Salary.
- Long-Term Incentives: Targeted at 75% of the Base Salary.
Mr. Robb previously served as Vice President, Global Head of Financial Reporting & Accounting Policy at Hilton Worldwide Holdings Inc. (2013–2016) and held various roles at KPMG LLP (1999–2013). He holds a Bachelor of Business Administration from James Madison University and is a CPA licensed in Virginia.
Investor Verification Checklist
- Verify the exact effective date of the spin-off from Hilton to confirm the start date of Mr. Robb's base salary.
- Review the company's most recent 10-K or 10-Q for financial performance metrics not included in this 8-K.
- Confirm that no other undisclosed transactions exist involving Mr. Robb under Item 404(a) of Regulation S-K.