NRUCFC Appoints New CFO, Sets Compensation
Ticker: NRUC · Form: 8-K · Filed: Mar 5, 2024 · CIK: 70502
Sentiment: neutral
Topics: executive-appointment, compensation
TL;DR
NRUCFC names Mark Pasterick new CFO, paying him $425k base + bonus.
AI Summary
National Rural Utilities Cooperative Finance Corp. (NRUCFC) announced on February 29, 2024, the appointment of Mark P. Pasterick as Chief Financial Officer and Treasurer, effective March 1, 2024. Pasterick will receive an annual base salary of $425,000, a target annual bonus of 60% of his base salary, and will be eligible for long-term incentive awards. He previously served as Senior Vice President and Chief Financial Officer of CoBank, ACB.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor relations.
Risk Assessment
Risk Level: low — This filing primarily concerns a routine executive appointment and compensation, with no immediate financial distress or significant operational changes indicated.
Key Numbers
- $425,000 — CFO Base Salary (Annual compensation for Mark P. Pasterick.)
- 60% — CFO Bonus Target (Annual bonus potential for Mark P. Pasterick.)
Key Players & Entities
- National Rural Utilities Cooperative Finance Corp. (company) — Registrant
- Mark P. Pasterick (person) — Appointed Chief Financial Officer and Treasurer
- $425,000 (dollar_amount) — Annual base salary for new CFO
- 60% (dollar_amount) — Target annual bonus percentage for new CFO
- CoBank, ACB (company) — Previous employer of new CFO
FAQ
What is Mark P. Pasterick's start date as CFO and Treasurer?
Mark P. Pasterick's appointment is effective March 1, 2024.
What was Mark P. Pasterick's previous role?
Mark P. Pasterick previously served as Senior Vice President and Chief Financial Officer of CoBank, ACB.
What is the target annual bonus for the new CFO?
The target annual bonus for Mark P. Pasterick is 60% of his base salary.
What is the base salary for the new CFO?
The annual base salary for Mark P. Pasterick is $425,000.
What other compensation elements is the new CFO eligible for?
Mark P. Pasterick will be eligible for long-term incentive awards.
Filing Stats: 566 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-03-05 16:08:56
Key Financial Figures
- $1,161,000 — lary at an annual rate of not less than $1,161,000. Item 9.01. Financial Statements and
Filing Documents
- nru-20240229.htm (8-K) — 28KB
- exhibit101-firstamendmentt.htm (EX-10.1) — 19KB
- 0000070502-24-000025.txt ( ) — 218KB
- nru-20240229.xsd (EX-101.SCH) — 3KB
- nru-20240229_def.xml (EX-101.DEF) — 8KB
- nru-20240229_lab.xml (EX-101.LAB) — 32KB
- nru-20240229_pre.xml (EX-101.PRE) — 19KB
- nru-20240229_htm.xml (XML) — 4KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) The following exhibits are filed as part of this report: Exhibit No. Description 10.1 First Amendment to Employment Agreement, dated February 29, 2024, by and between the Company and J. Andrew Don. 104 Cover Page Interactive Data File (embedded within 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. NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION By: /s/ YU LING WANG Yu Ling Wang Senior Vice President and Chief Financial Officer Dated: March 5, 2024