Fiserv Inc.’s outbound chief executive officer Jeffery Yabuki will receive a large compensation package upon his departure, according to a U.S. Securities and Exchange Commission filing.
The Brookfield-based fintech company recently announced Yabuki’s leave,which is effective June 30 after a 15-year career with the company. Fiserv chief operating officer and former First Data Corp. CEO Frank Bisignano will take his place. Yabuki will continue as chairman of Fiserv’s board through 2020.
Yabuki is entitled to receive an annual base salary of $1.32 million until June 30, although he previously agreed to forgo his salary to help Fiserv employees that were financially impacted by COVID-19. Provided that Yabuki remains employed until Dec. 31, 2020 or until an earlier qualifying separation, Yabuki will be granted a restricted stock unit award on or prior to his last day of employment with a grant date fair value of $12.7 million, according to the filling.
Yabuki’s restricted stock unit award is subject to a reduction based on the incentive compensation “paid to the then chief executive officer” in respect to Fiserv’s performance in 2020 and provided that the actual fair value of the restricted stock unit award at that time will be no less than $4 million. The stock award will be paid in four equal annual installments on each of the first four anniversaries of the grant date, according to the filing.
Yabuki will also be entitled to a cash payment of $7.26 million and full vesting of all equity awards and the right to exercise stock options subject to certain criteria.
In 2019, Yabuki received $16.3 million in stock awards, $8.2 million in option awards and $1.84 million in non-equity incentive plan compensation for a total of $27.6 million in compensation, according to a filing with the SEC.
Yabuki’s base salary was $1.04 million in 2019, which is up from $840,000 in 2018.
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