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FACTSET RESEARCH SYSTEMS : Change in Directors or Principal Officers (form 8-K)

07/02/2015 | 03:44pm US/Eastern

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Departure of Chief Executive Officer

Effective July 1, 2015, Philip Hadley stepped down from his position as Chief Executive Officer, and was succeeded by Philip Snow. Mr. Hadley (age 52), who has been an employee of FactSet Research Systems Inc. ("FactSet" or the "Company") since 1985, will continue to be an employee of the Company and serve as Chairman of its Board of Directors.

Appointment of New Chief Executive Officer

FactSet's Board of Directors appointed Philip Snow as the Company's new Chief Executive Officer effective July 1, 2015. Mr. Snow was elected to FactSet's Board of Directors effective March 16, 2015.

Prior to his appointment as FactSet's new Chief Executive Officer, Mr. Snow (age 50) had served as President of FactSet since July 1, 2014, and was responsible for the oversight and management of the Company's Sales and Operations Teams. Mr. Snow joined FactSet in 1996 as a Consultant followed by a transfer first to the Tokyo and then Sydney offices in order to lead the Company's Asia Pacific Consulting Services. Following his move back to the U.S. in 2000, Mr. Snow held various sales leadership roles prior to assuming the role of Senior Vice President, Director of U.S. Investment Management Sales in 2013. Mr. Snow received a B.A. in Chemistry from the University of California at Berkeley and a Masters of International Management from the Thunderbird School of Global Management. He has earned the right to use the Chartered Financial Analyst designation.

In connection with Mr. Snow's appointment as Chief Executive Officer, he was granted 120,000 stock options on July 1, 2015 pursuant to the FactSet Research Systems Inc. 2004 Stock Option and Award Plan, as Amended and Restated. These stock options cliff vest 11.11% each year upon the anniversary date of the grant (July 1st) and will become 100% vested after nine years (on July 1, 2024), provided that Mr. Snow is employed by FactSet on the vesting dates.

Except for the stock option grant, as of July 1, 2015, there was no oral or written plan, contract or arrangement entered into between Mr. Snow and the Company. In addition, he does not have any family relationships with any of the Company's directors or executive officers and is not a party to any transactions listed in Item 404(a) of Regulation S-K.

© Edgar Online, source Glimpses

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