Unisys Board Sees Director Changes
Ticker: UIS · Form: 8-K · Filed: Dec 5, 2024 · CIK: 746838
| Field | Detail |
|---|---|
| Company | Unisys Corp (UIS) |
| Form Type | 8-K |
| Filed Date | Dec 5, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $800,000, $3,881,250, $50,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, governance
Related Tickers: UIS
TL;DR
Unisys swapped out a director, bringing in two new faces to the board.
AI Summary
Unisys Corporation announced on December 5, 2024, a change in its board of directors. Specifically, the company reported the departure of Director Scott L. McGregor and the election of two new directors, Christopher J. Murphy and David J. R. Holl. These changes are effective immediately.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future decision-making.
Risk Assessment
Risk Level: low — The filing reports routine changes in board membership, which typically carry low immediate risk.
Key Players & Entities
- Unisys Corporation (company) — Registrant
- Scott L. McGregor (person) — Departing Director
- Christopher J. Murphy (person) — Newly Elected Director
- David J. R. Holl (person) — Newly Elected Director
- December 5, 2024 (date) — Effective date of changes
FAQ
Who has departed from the Unisys Corporation board of directors?
Scott L. McGregor has departed from the Unisys Corporation board of directors.
Who has been elected as new directors to the Unisys Corporation board?
Christopher J. Murphy and David J. R. Holl have been elected as new directors to the Unisys Corporation board.
What is the effective date of these board changes?
The changes are effective as of December 5, 2024.
What specific items are being reported in this 8-K filing?
This 8-K filing reports on the departure of directors, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
What is the principal executive office address for Unisys Corporation?
The principal executive office address for Unisys Corporation is 801 Lakeview Drive, Suite 100, Blue Bell, Pennsylvania 19422.
Filing Stats: 1,311 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2024-12-05 16:35:14
Key Financial Figures
- $800,000 — n will receive an annual base salary of $800,000 and an annual target bonus of 120% of e
- $3,881,250 — with a target grant date fair value of $3,881,250 under the same terms and conditions as
- $50,000 — receive an additional cash retainer of $50,000 for service as Chair of the Board. The
Filing Documents
- tm2429854d1_8k.htm (8-K) — 30KB
- tm2429854d1_ex99-1.htm (EX-99.1) — 13KB
- tm2429854d1_ex99-1img001.jpg (GRAPHIC) — 12KB
- 0001104659-24-125925.txt ( ) — 237KB
- uis-20241205.xsd (EX-101.SCH) — 3KB
- uis-20241205_lab.xml (EX-101.LAB) — 33KB
- uis-20241205_pre.xml (EX-101.PRE) — 22KB
- tm2429854d1_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 5, 2024, the Board of Directors of Unisys Corporation (the "Company") promoted Michael M. Thomson to Chief Executive Officer and President and elected Mr. Thomson as a director of the Company, effective April 1, 2025. As disclosed below, Peter Altabef, the Company's current Chair of the Company's Board of Directors and Chief Executive Officer, will cease serving as the Company's Chief Executive Officer on March 31, 2025 (the "Transition Date"). Mr. Altabef will remain Chair of the Board following the Transition Date. Mr. Thomson, age 56, has been President and Chief Operating Officer of the Company since May 2022. Prior to this role, Mr. Thomson served as the Company's Chief Financial Officer since 2019 and as Executive Vice President since 2021 after having served as Senior Vice President since 2019. Mr. Thomson served as the Company's Vice President and Corporate Controller from 2015 to 2019. Mr. Thomson served as Controller of Towers Watson & Co. from 2010 until 2015, and he previously held the same position at Towers Perrin from 2007 until the consummation of that firm's merger with Watson Wyatt in 2010. He also served as principal accounting officer of Towers Watson from 2012 until 2015. Prior to that, Mr. Thomson worked for Towers Perrin as Director of Financial Systems from 2001 to 2004 and then Assistant Controller from 2004 to 2007. Prior to joining Towers Perrin, Mr. Thomson was with RCN Corporation, where he served as Director of Financial Reporting & Financial Systems from 1997 to 2001. In connection with the promotion, on December 5, 2024, the Company entered into a letter agreement (the "Offer Letter"). Pursuant to the Offer Letter, effective April 1, 2025, Mr. Thomson will receive an annual base salary of $800,000 and an annual target bonus of 120% of earned base salary under the C
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits: Exhibit No. Description 99.1 Press Release of Unisys Corporation, dated December 5, 2024 104 Cover Page Interactive Data File (embedded within 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. Date: December 5, 2024 Unisys Corporation By: /s/ Debra McCann Debra McCann Executive Vice President and Chief Financial Officer