AI English summary of an SEC filing — figures as filed
Aptiv APTVAptiv said Joseph R. Massaro will step down as Chief Financial Officer and lead the Engineered Components Group effective November 8, 2024, and Varun Laroyia will succeed him as Executive Vice President and Chief Financial Officer.
Key points
AI summaryAptiv said Joseph R. Massaro will step down as Chief Financial Officer and lead the Engineered Components Group effective November 8, 2024, and Varun Laroyia will succeed him as Executive Vice President and Chief Financial Officer.
The company said William T. Presley, Vice Chairman and Chief Operating Officer, will leave Aptiv on November 22, 2024 to pursue other opportunities, and other members of management will assume his responsibilities.
The company said its Compensation and Human Resources Committee approved the following compensation for Laroyia as CFO: an annual base salary of $850,000, an annual bonus target of 100% of base salary, a long-term incentive award with a target value of $4,050,000 (40% time-based and 60% performance-based restricted stock units), a one-time long-term incentive award with a target value of $3,000,000, and a one-time cash signing bonus of $2,000,000 paid in 2 installments.
The company said Laroyia served as Executive Vice President and Chief Financial Officer at LKQ Corporation from 2017 to 2022 and as Chief Executive Officer of LKQ Europe from 2022 to 2023. The company said there were no compensation adjustments in connection with Massaro's new role.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
CFO transition: Massaro steps down, Laroyia named
Aptiv said Joseph R. Massaro will step down as Chief Financial Officer and lead the Engineered Components Group effective November 8, 2024, and Varun Laroyia will succeed him as Executive Vice President and Chief Financial Officer.
Source · Based on the filing body and exhibits
Presley steps down as COO; management team takes over duties
The company said William T. Presley, Vice Chairman and Chief Operating Officer, will leave Aptiv on November 22, 2024 to pursue other opportunities, and other members of management will assume his responsibilities.
Source · Based on the filing body and exhibits
Laroyia compensation terms
The company said its Compensation and Human Resources Committee approved the following compensation for Laroyia as CFO: an annual base salary of $850,000, an annual bonus target of 100% of base salary, a long-term incentive award with a target value of $4,050,000 (40% time-based and 60% performance-based restricted stock units), a one-time long-term incentive award with a target value of $3,000,000, and a one-time cash signing bonus of $2,000,000 paid in 2 installments.
Source · Based on the filing body and exhibits
Laroyia background and Massaro pay unchanged
The company said Laroyia served as Executive Vice President and Chief Financial Officer at LKQ Corporation from 2017 to 2022 and as Chief Executive Officer of LKQ Europe from 2022 to 2023. The company said there were no compensation adjustments in connection with Massaro's new role.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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