Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 18, 2018, Marcel A. Snyman was named Vice President and Chief Accounting Officer of Graham Holdings Company (the “Company”), effective immediately. Mr. Snyman, 43, served as controller of the Company since January 2016, prior to which he served as assistant controller beginning April 2014 and director of accounting policy beginning in July 2008. In connection with Mr. Snyman’s appointment as chief accounting officer, he will receive an annual base salary of $275,000, will be eligible for an annual bonus target at 30% of his base salary, and was granted 100 shares of restricted stock which will vest on January 5, 2021. He will participate in the Company’s performance-based incentive compensation plan for executive officers and key employees as described in the Company’s 2017 proxy statement.
There are no family relationships between Mr. Snyman and any director or executive officer of the Company and there are no arrangements or understandings between him and any other person pursuant to which he was selected as chief accounting officer.