CBRE GROUP, INC. (NYSE:CBG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(c)On November14, 2017, the Board of Directors of the Company (the “Board”) appointed Arlin E. Gaffner as the Company’s Senior Vice President and Chief Accounting Officer, effective November17, 2017. Mr.Gaffner will also continue to serve as the Chief Financial Officer of the Company’s Americas business. Additional information about Mr.Gaffner may be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October27, 2017.
Effective November1, 2017, Mr.Gaffner will earn an annual salary of $400,000 (prorated for any partial periods), be eligible for an annual target bonus of $400,000 (prorated for any partial periods) and an annual target equity award of $350,000. Mr.Gaffner will also be eligible to receive a $300,000 retention bonus, payable January31, 2019, subject to the execution of a standard restrictive covenants agreement.
(d)On November14, 2017, the Board appointed Sanjiv Yajnik to the Board, effective November14, 2017, to serve until the Company’s 2018 annual meeting of stockholders. There is no arrangement or understanding between Mr.Yajnik and any other person to which the Board selected Mr.Yajnik as a director, and Mr.Yajnik has not participated in any “related-party transactions” with the Company as set forth in Item 404(a) of Regulation S-K. The Board has also determined that Mr.Yajnik is “independent” as defined under New York Stock Exchange and SEC rules and guidance as well as under the Board’s Corporate Governance Guidelines and its Categorical Independence Standards.
Mr.Yajnik will receive the Company’s standard compensation package for non-employee directors. A description of this standard compensation package can be found in the Company’s definitive proxy statement on Schedule 14A filed with the SEC on April4, 2017. Mr.Yajnik and the Company will also enter into the Company’s standard form of Indemnification Agreement for members of its Board.
| Item 5.02 | Regulation FD Disclosure. |
On November16, 2017, the Company issued a press release announcing the appointment of Mr.Yajnik to the Board. A copy of that press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein.
The information included in this Current Report on Form 8-K under this Item 5.02 (including Exhibit 99.1 hereto) is being “furnished” and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
| Item 5.02 | Financial Statements and Exhibits. |
(d)Exhibits
CBRE GROUP, INC. ExhibitEX-99.1 2 d496571dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 P R E S S R E L E A S E Corporate Headquarters 400 South Hope Street 25th Floor Los Angeles,…To view the full exhibit click here
About CBRE GROUP, INC. (NYSE:CBG)
CBRE Group, Inc. is a holding company that conducts all of its operations through its subsidiaries. The Company is a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services. It offers commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow Company brand name. Its software as a service (SaaS) products include Protofit and Luma. Protofit allows users to visualize and edit floor plans in two dimension (2D) and three dimension (3D) (including external window views from each floor) and to create customized space layouts in real-time. Luma enables an interactive customized 3D walk-through experience for new, unbuilt and repositioned spaces.