ADT Corporation is losing a CFO, and Xerox 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.
The article Xerox Poaches a CFO from ADT originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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