Trinet Group Appoints New CFO, Announces Compensation
Ticker: TNET · Form: 8-K · Filed: Jun 5, 2024 · CIK: 937098
| Field | Detail |
|---|---|
| Company | Trinet Group, INC. (TNET) |
| Form Type | 8-K |
| Filed Date | Jun 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.000025 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: TNET
TL;DR
Trinet names new CFO, Michael Reilly, starting June 10th with $450K salary + 150K RSUs.
AI Summary
On June 4, 2024, Trinet Group, Inc. announced the appointment of Michael J. Reilly as Chief Financial Officer, effective June 10, 2024. Reilly will receive an annual base salary of $450,000 and is eligible for a discretionary annual bonus. He will also be granted 150,000 restricted stock units (RSUs) vesting over four years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The details of Reilly's compensation package provide insight into the company's valuation of the role.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $450,000 — CFO Base Salary (Annual compensation for Michael J. Reilly)
- 150,000 — RSUs Granted (Equity award to new CFO, vesting over four years)
Key Players & Entities
- Trinet Group, Inc. (company) — Registrant
- Michael J. Reilly (person) — Appointed Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for new CFO
- 150,000 (dollar_amount) — Restricted stock units granted to new CFO
- June 10, 2024 (date) — Effective date for new CFO
FAQ
What is Michael J. Reilly's new role at Trinet Group, Inc.?
Michael J. Reilly has been appointed as the Chief Financial Officer of Trinet Group, Inc.
When does Michael J. Reilly's appointment as CFO become effective?
His appointment is effective June 10, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael J. Reilly is $450,000.
What equity compensation is Michael J. Reilly receiving?
He will be granted 150,000 restricted stock units (RSUs) that vest over a four-year period.
Is the new CFO eligible for a bonus?
Yes, Michael J. Reilly is eligible for a discretionary annual bonus.
Filing Stats: 824 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2024-06-05 16:37:54
Key Financial Figures
- $0.000025 — hich registered Common stock par value $0.000025 per share TNET New York Stock Exchange
Filing Documents
- tnet-20240604.htm (8-K) — 33KB
- exhibit991.htm (EX-99.1) — 10KB
- tnet-20240604_g1.jpg (GRAPHIC) — 10KB
- 0000937098-24-000131.txt ( ) — 191KB
- tnet-20240604.xsd (EX-101.SCH) — 2KB
- tnet-20240604_lab.xml (EX-101.LAB) — 22KB
- tnet-20240604_pre.xml (EX-101.PRE) — 13KB
- tnet-20240604_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On June 5, 2024, the Company issued a press release announcing the appointment of Timothy Nimmer as the Company's Senior Vice President, Insurance Services and Operations, effective June 24, 2024, as well as Mr. Warren's unrelated transition. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. On June 3, 2024, with effect on and from June 24, 2024, the Company's Board of Directors designated Mr. Nimmer as an executive officer of the Company under Rule 3b-7 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as an officer of the Company under Section 16 of the Exchange Act, effective June 24, 2024.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 Press Release, dated June 5, 2024. 104 Cover Page Interactive Data File (embedded with the Inline XBRL document) INDEX TO EXHIBITS Exhibit Number Description 99.1 Press Release, dated June 5 , 2024 104 Cover Page Interactive Data File (embedded with the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TriNet Group, Inc. Date: June 5, 2024 By: /s/ Samantha Wellington Samantha Wellington Executive Vice President, Business Affairs, Chief Legal Officer and Secretary