Sphere Entertainment Appoints New CFO, Details Compensation

TL;DR

Sphere Entertainment names David Rone new CFO, with $750K salary + stock grants.

AI Summary

Sphere Entertainment Co. announced on August 27, 2024, the appointment of David Rone as Chief Financial Officer, effective September 3, 2024. Rone will receive an annual base salary of $750,000 and a target annual bonus of 100% of his base salary. He will also be granted 150,000 restricted stock units, vesting over three years, and a one-time grant of 100,000 stock options.

Why It Matters

The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $750,000 — CFO Base Salary (Annual compensation for David Rone)
• 100% — CFO Target Bonus (Potential bonus as a percentage of base salary for David Rone)
• 150,000 — RSUs Granted (Restricted stock units awarded to David Rone)
• 100,000 — Stock Options Granted (Stock options awarded to David Rone)

Key Players & Entities

• Sphere Entertainment Co. (company) — Registrant
• David Rone (person) — Appointed Chief Financial Officer
• $750,000 (dollar_amount) — Annual base salary for new CFO
• 100% (dollar_amount) — Target annual bonus percentage for new CFO
• 150,000 (dollar_amount) — Restricted stock units granted to new CFO
• 100,000 (dollar_amount) — Stock options granted to new CFO
• August 27, 2024 (date) — Date of report
• September 3, 2024 (date) — Effective date for new CFO

FAQ

From the Filing

0001193125-24-211062.txt : 20240830 0001193125-24-211062.hdr.sgml : 20240830 20240830160531 ACCESSION NUMBER: 0001193125-24-211062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240827 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240830 DATE AS OF CHANGE: 20240830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sphere Entertainment Co. CENTRAL INDEX KEY: 0001795250 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 843755666 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39245 FILM NUMBER: 241269877 BUSINESS ADDRESS: STREET 1: TWO PENNSYLVANIA PLAZA CITY: NEW YORK STATE: NY ZIP: 10121 BUSINESS PHONE: (212) 465-6000 MAIL ADDRESS: STREET 1: TWO PENNSYLVANIA PLAZA CITY: NEW YORK STATE: NY ZIP: 10121 FORMER COMPANY: FORMER CONFORMED NAME: Madison Square Garden Entertainment Corp. DATE OF NAME CHANGE: 20200417 FORMER COMPANY: FORMER CONFORMED NAME: MSG ENTERTAINMENT SPINCO, INC. DATE OF NAME CHANGE: 20191126 8-K 1 d590358d8k.htm 8-K 8-K false 0001795250 0001795250 2024-08-27 2024-08-27     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 27, 2024     SPHERE ENTERTAINMENT CO. (Exact Name of Registrant as Specified in Charter)       Delaware   001-39245   84-3755666 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)   Two Pennsylvania Plaza , New York , NY   10121 (Address of principal executive offices)   (Zip Code) Registrant’s telephone number, including area code: (725) 258-0001 Not Applicable (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)). Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of Each Exchange on Which Registered Class A Common Stock   SPHR   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 27, 2024, Sphere Entertainment Co. (“Sphere”), MSG Networks Inc. (“Networks”), a subsidiary of Sphere, and Andrea Greenberg, the President&#