IHS Promotes COO to CEO
Apr 10th 2013 3:45PM
Updated Apr 10th 2013 3:50PM
Colorado-based IHS will be under new management soon. The business analytics provider announced Wednesday that current President and Chief Operating Officer Scott Key will take over the role of President and Chief Executive Officer from Jerre Stead on June 1.
At that time, Stead will become simply executive chairman of the company.
Key, a 10-year veteran of the company, has served as COO since January 2011. In compensation for his new role, IHS said in an SEC filing that he will receive:
- A 23% increase in salary to $830,000 a year.
- Annual bonus target of 100% of this salary.
- A "promotional equity award" of 15,000 performance-based restricted stock units (RSU).
Stead will receive a 10,000-RSU award upon taking the position of executive chairman.
Simultaneously with this news, IHS issued guidance for the current fiscal year. The company expects to produce revenues of between $1.66 billion and $1.73 billion, with a revenue growth rate of about 6% year over year. Adjusted earnings for the year are expected to range between $4.23 and $4.43 per share. No GAAP earnings projection was given.
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