ADT Corporation is losing a CFO, and Xerox (NYSE:XRX) is gaining one.
Xerox announced Thursday that it is poaching ADT Chief Financial Officer Kathryn Mikells to become its own new executive vice president and CFO. Mikells previously served as CFO at both Nalco and UAL Corporation; before that, she worked at GE Capital, Household International, and CIBC. She will take up her newest job at Xerox on May 2.
Xerox provided details on Mikells' compensation in a filing with the SEC. Upon taking up her new job, Mikells will receive:
- A $1.2 million signing bonus payable over two years
- $230,000 in compensation for an ADT bonus she will forgo by moving to Xerox
- Annual salary of $700,000
- An annual bonus target ranging from 0% to 200% of salary, and targeting 100%
- $2.5 million worth of "Performance Shares" vesting three-years from date of grant, as part of the company's Executive Long Term Incentive Program
- A one-time Restricted Stock Unit award with a value of $1,200,000, also vesting three years after grant
Xerox shares ended the abbreviated holiday trading week up 0.7% at $8.60.
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