With an ongoing hostile takeover, when the news flashed that Electronic Arts was jettisoning existing CFO Warren Jenson, it was clear that even with no successor named, one was ready and a few dotted “I’s” and crossed “T’s” from being announced. Now it’s official.
Thursday, EA officially filled the void with the appointment of Eric Brown. Brown was currently employed as the CFO at McAfee but will leave the post to join EA on April 14th.
The position will reunite him with prior colleague and current CEO John Riccitiello. (Prior to joining McAfee, Brown was president and CFO of Microstrategy. Before that, between 1998 and 2000 he was COO and CFO of EA’s Redwood Shores Gaming Studio.)
Per securities law, a copy of Brown’s Offer Letter has been attached to an 8K filed with the SEC. For his service, he will receive a base salary of $600k and has a discretionary bonus pool available at u to 75% of that base. He’ll also receive a $100k signing bonus.
In equity, his compensation will include options to purchase 250k shares of stock. 24% will vest after 12 months, and then monthly for the remaining 38 months at 2% per month. He’ll also receive 83,300 restricted stock units that will vest in four annual anniversaries.
Per outgoing CFO Jensen’s temporary agreement, he’ll remain on and serve as a special adviser. More on that agreement was provided in the article on his departure.
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