Summary by Futu AI
Zoom Video Communications, Inc. has announced the appointment of Michelle Chang as the new Chief Financial Officer (CFO), effective October 7, 2024. The current CFO, Kelly Steckelberg, will remain in her position until the effective date and will then transition to an advisory role. Michelle Chang comes from a strong background at Microsoft Corporation, where she has worked for over 20 years, most recently as the CFO and Corporate Vice President of the Commercial Sales and Partner Organization. Her compensation package includes an annual base salary of $580,000, a target annual bonus of 90% of her base salary, and an initial grant of restricted stock units valued at $23.6 million, which will vest over four years. Chang's appointment and compensation details were disclosed in a Form 8-K filed with the SEC, accompanied by an offer letter dated September 25, 2024.