C.H. Robinson Appoints New CFO, Announces Compensation
Ticker: CHRW · Form: 8-K · Filed: 2024-06-06T00:00:00.000Z
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
Related Tickers: CHRW
TL;DR
CHRW names Michael Castagnetto new CFO, starting June 10th with $500K salary + $2M in stock.
AI Summary
C.H. Robinson Worldwide, Inc. announced on June 4, 2024, the appointment of Michael J. Castagnetto as Chief Financial Officer, effective June 10, 2024. He will receive an annual base salary of $500,000 and a target annual bonus of 100% of his base salary. Castagnetto will also receive a one-time grant of restricted stock units valued at $2,000,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The disclosed compensation details provide insight into the company's investment in key executive talent.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and operational direction.
Key Numbers
- $500,000 — CFO Base Salary (Annual compensation for Michael J. Castagnetto.)
- $2,000,000 — CFO Stock Grant (Value of restricted stock units granted to Michael J. Castagnetto.)
Key Players & Entities
- C.H. Robinson Worldwide, Inc. (company) — Registrant
- Michael J. Castagnetto (person) — Appointed Chief Financial Officer
- $500,000 (dollar_amount) — Annual base salary for new CFO
- 100% (dollar_amount) — Target annual bonus percentage for new CFO
- $2,000,000 (dollar_amount) — Value of one-time restricted stock unit grant for new CFO
- June 10, 2024 (date) — Effective date for new CFO appointment
- June 4, 2024 (date) — Date of report
FAQ
Who has been appointed as the new Chief Financial Officer?
Michael J. Castagnetto has been appointed as the new Chief Financial Officer.
When is the new CFO's appointment effective?
The appointment of Michael J. Castagnetto is effective June 10, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael J. Castagnetto is $500,000.
What is the value of the one-time stock grant for the new CFO?
The one-time grant of restricted stock units for Michael J. Castagnetto is valued at $2,000,000.
What is the vesting schedule for the new CFO's stock grant?
The restricted stock units granted to Michael J. Castagnetto will vest over three years.
Filing Stats: 1,008 words · 4 min read · ~3 pages · Grade level 10 · Accepted 2024-06-06 16:18:36
Key Financial Figures
- $0.10 — ange on which registered Common Stock, $0.10 par value CHRW Nasdaq Global Select Mar
- $700,000 — for Mr. Lee: (i) annual base salary of $700,000, (ii) target annual cash incentive of 1
- $1.8 million — -term equity incentive awards valued at $1.8 million (which amount reflects the full annual
- $1.4 million — Lee will receive (i) a signing bonus of $1.4 million that is repayable if his employment ter
- $2.5 million — ted from his current employer valued at $2.5 million that vests as to 33% of the shares on t
Filing Documents
- chrw-20240604.htm (8-K) — 31KB
- exhibit101june62024.htm (EX-10.1) — 34KB
- ex9916624.htm (EX-99.1) — 11KB
- chrw-20240604_g1.jpg (GRAPHIC) — 103KB
- image_0.jpg (GRAPHIC) — 6KB
- 0001043277-24-000030.txt ( ) — 461KB
- chrw-20240604.xsd (EX-101.SCH) — 2KB
- chrw-20240604_lab.xml (EX-101.LAB) — 21KB
- chrw-20240604_pre.xml (EX-101.PRE) — 12KB
- chrw-20240604_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 Employment offer letter agreement with Damon Lee fully executed on June 4 , 2024 . 99.1 Press Release dated June 6, 2024. 104 The cover page from the Current Report on Form 8-K formatted in Inline XBRL. SIGNATURE 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. C.H. ROBINSON WORLDWIDE, INC. By: /s/ Nicole H. Strydom Nicole H. Strydom Deputy General Counsel and Assistant Secretary Date: June 6, 2024