Adobe Systems Incorporated (NASDAQ:ADBE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (c)
On April 4, 2018, John F. Murphy was appointed to the position of Executive Vice President and Chief Financial Officer of Adobe Systems Incorporated (“Adobe” or the “Company”), effective April 9, 2018 (the “Effective Date”). Mr. Murphy will assume the role from Mark Garrett, who will retire from his position as the Company’s Executive Vice President and Chief Financial Officer on the Effective Date. Mr. Garrett announced his intent to retire in January, as reported in Adobe's Annual Report on Form 10-K filed on January 22, 2018.
Mr. Murphy, age 49, joined Adobe in March 2017 as our Senior Vice President, Chief Accounting Officer and Corporate Controller. Prior to joining Adobe, Mr. Murphy served as Senior Vice President, Chief Accounting Officer and Corporate Controller of Qualcomm Incorporated from September 2014 to March 2017. He previously served as Senior Vice President, Controller and Chief Accounting Officer of DIRECTV Inc. from November 2007 until August 2014, and Vice President and General Auditor of DIRECTV from October 2004 to November 2007. Prior to joining DIRECTV he worked at several global companies, including Experian, Nestle, and Atlantic Richfield (ARCO), in a variety of finance and accounting roles. There has been no arrangement or understanding between Mr. Murphy and any other person to which Mr. Murphy was selected to this position. Additionally, Mr. Murphy is not a party to any transactions that would require disclosure under Item 404(a) of Regulation S-K.
In his new role, Mr. Murphy will receive a base salary of $575,000 per year and be eligible to receive a bonus payment under the Company’s 2018 Executive Annual Incentive Plan of 50% of his base salary at target. Mr. Murphy will also receive a grant of 22,920 restricted stock units (“RSUs”), which will vest 25% on each of the first, second, third and fourth anniversaries of the Effective Date. The RSUs will be issued under the Company’s 2003 Equity Incentive Plan, as amended (the “Plan”) and will be subject to the terms and conditions of such Plan. He will continue to be eligible to participate in standard Company benefit programs available to similarly situated officers, including: health, vision and dental coverage; executive health benefits; participation in the Company’s 401(k) and non-qualified deferred compensation plans; participation in the Company’s 1997 Employee Stock Purchase Plan, as amended; and Adobe’s charitable contribution matching program.
A copy of our press release announcing the appointment of Mr. Murphy as the Company's Executive Vice President and Chief Financial Officer is attached as Exhibit99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
ADOBE SYSTEMS INC ExhibitEX-99.1 2 pressrelease.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1Public Relations Contact Dan [email protected] Investor Relations ContactMike SaviageAdobe408-536-4416 [email protected] IMMEDIATE RELEASEAdobe Appoints John Murphy Chief Financial OfficerSAN JOSE,…To view the full exhibit click here
About Adobe Systems Incorporated (NASDAQ:ADBE)
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences. It operates through three segments: Digital Media, Digital Marketing, and Print and Publishing. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content. Its Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Its Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to its legacy type and original equipment manufacturer (OEM) printing businesses.
