Three months after settling upon a new chief executive officer, it looks like Thorofare, N. J.-based Checkpoint Systems (CKP +0.00%) will soon have itself a new CFO as well.
On Friday, the "shrink management" (i.e., anti-shoplifting) company announced that CFO Raymond D. Andrews plans to retire on July 31. Andrews will remain for the next couple months to ensure an orderly transfer of power. Meantime, his replacement, newly hired CFO Jeff Richard, will take over on May 28.
Richard joins Checkpoint from environmental services firm Safety-Kleen Systems, where he also served as CFO. Prior to that, he was COO and CFO at Pavestone Company.
Simultaneously with making the new-hire announcement, Checkpoint revealed in a filing with the SEC the terms of Richard's employment. He will be paid a base annual salary of $420,000, plus:
- an annual executive bonus targeting 75% of base salary, but ranging as high as 135%;
- long-term incentive compensation of up to 75% of salary;
- 5,760 stock options vesting over three years;
- 12,100 restricted stock units vesting when the stock price closes above $15 and stays there for one month;
- 2,600 performance shares that all vest simultaneously after three years; and
- an additional 20,000 stock options and 30,000 restricted stock units vesting over three years, but only if he relocates to Philadelphia by the end of this year.
