Booking Holdings Inc. has recently announced an amendment to the employment agreement with David I. Goulden, the former Executive Vice President and Chief Financial Officer of the company. As per the new terms, Goulden will continue to serve in a different capacity until the end of the year 2024.
During the Subsequent Employment Period, Goulden will be employed on a full-time basis and will receive a base salary at an annual rate of $630,000. This will be followed by the Part-Time Employment Period, from June 1, 2024, through December 31, 2024, during which he will be employed on a part-time basis, with a base salary at an annual rate of $315,000.
In addition to the changes in employment status, Goulden's title will change to Executive Vice President of Finance, and he will report to the Chief Executive Officer of the company. During these periods, his duties will include participating in discussions with stockholders and stakeholders, assisting the incoming CFO with the transition, continued involvement in cross-company projects, and cooperating with the company and its counsel in preparation for any litigation.
Furthermore, the amendment outlines the compensation and benefits Goulden will receive during these periods. He will also be eligible to receive a cash bonus for the 2024 calendar year, in accordance with the terms and conditions of the company’s Annual Bonus Plan.
The amendment reaffirms Goulden's confidentiality, non-competition, and non-solicitation obligations, as well as the company’s incentive-based compensation clawback policy.
This amendment represents a significant shift in Goulden's role and compensation structure compared to his previous position as Chief Financial Officer. The market has reacted to these announcements by moving the company's shares 2.3% to a price of $3601.9. For the full picture, make sure to review Booking's 8-K report.
