Further to the announcement by Nasdaq, Inc. (NASDAQ:NDAQ) that Michael Ptasznik will retire as Chief Financial Officer (CFO) and that he will be succeeded by Ann Dennison, Nasdaq has revealed the pay details concerning Ms Dennison’s promotion.
The Management Compensation Committee of Nasdaq’s Board of Directors approved an increase in Ms Dennison’s annual base salary from $450,000 to $550,000. It also approved an increase in her target bonus opportunity from 100% to 136% of her annual base salary, for a target bonus amount of $750,000.
In addition, it approved an increase in Ms. Dennison’s long-term incentive compensation award from $700,000 to $1,200,000, which equity award is expected to be granted on April 1, 2021 pursuant to Nasdaq’s Equity Incentive Plan.
On October 21, 2020, Nasdaq announced the appointment of Ann Dennison as Executive Vice President and Chief Financial Officer, effective as of March 1, 2021.
Ms Dennison joined the company in 2015 and has served as Senior Vice President, Controller and principal accounting officer since April 2016. Prior to that, she served as Nasdaq’s Senior Vice President and Deputy Controller. Before joining the company, Ms Dennison was a Managing Director and the Head of Financial Reporting at Goldman Sachs.
Ms Dennison holds a BBA and MBA, Accounting and Finance from Pace University — Lubin School of Business. She will continue to serve as principal accounting officer of Nasdaq until a successor is announced.
Regarding Mr Ptasznik, Nasdaq says that the Retirement Agreement provides that he will receive:
a 2020 bonus payment under the Company’s Executive Incentive Plan based upon his performance and 2020 target bonus opportunity of $937,500, paid on or about March 2, 2021, and
a 2021 bonus payment under the Bonus Plan based upon his target bonus opportunity of $937,500, pro-rated for the period of January 1, 2021 through the Retirement Date and paid on or about March 2, 2021.