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Posted 06 January, 2023

DELUXE CORP appointed new CEO

CEO Change detected for ticker NYSE:DLX in a 8-K filed on 06 January, 2023.


  On January 2, 2023, Christopher L. Thomas, Senior Vice President, Chief Revenue Officer ("CRO") of Deluxe Corporation (the "Company"), entered into a Separation Agreement with the Company providing for the transition out of the role of CRO and into the role of a Special Advisor to the Company's Chief Executive Officer, effective January 6, 2023.  

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Overview of DELUXE CORP
Business/Consumer Services • Diversified Business Services
Deluxe Corp. engages in the provision of marketing products and services. It operates through the following segments: Payments, Cloud Solutions, Promotional Solutions, and Checks. The Payments segment includes treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management. The Cloud Solutions segment is composed of web hosting and design services, data-driven marketing solutions and hosted solutions, including digital engagement, logo design, financial institution profitability reporting and business incorporation services. The Promotional Solutions segment offers business forms, accessories, advertising specialties, promotional apparel, retail packaging and strategic sourcing services. The Checks segment consists of printed personal and business checks. The company was founded by W. R. Hotchkiss in 1915 and is headquartered in Minneapolis, MN.
Market Cap
$827M
View Company Details
DELUXE CORP by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On January 2, 2023, Christopher L. Thomas, Senior Vice President, Chief Revenue Officer ("CRO") of Deluxe Corporation (the "Company"), entered into a Separation Agreement with the Company providing for the transition out of the role of CRO and into the role of a Special Advisor to the Company's Chief Executive Officer, effective January 6, 2023. Mr. Thomas will serve as Special Advisor during a transition period until Mr. Thomas' separation from the Company on April 28, 2023 (the "Separation Date"). In accordance with the terms of the Separation Agreement, Mr. Thomas' compensation and benefits will continue during the transition period as in effect on December 1, 2022. The Separation Agreement provides for the release of claims by Mr. Thomas as of the date of the Separation Agreement and a second release following the Separation Date (the "Second Release").


In connection with his separation, Mr. Thomas will also be entitled to receive severance payments in accordance with the Company's Severance Plan for Certain Executive Level Employees (the "Executive Severance Plan"), subject to his providing the Second Release. Pursuant to the terms of the Executive Severance Plan, following the Separation Date, Mr. Thomas will be entitled to receive: (i) a severance payment equal to twelve months of his base salary, (ii) a cash bonus equal to one-third of his target bonus for fiscal year 2023 and (iii) a one-time payment of $45,000. He is also required to comply with the post-employment restrictions and the other terms of an existing confidentiality agreement and non-competition agreement. Mr. Thomas' outstanding equity awards will be handled in accordance with the applicable terms of the Company's related plans and awards, copies of which have been previously filed with the Securities and Exchange Commission. Mr. Thomas will also receive his fiscal year 2022 cash bonus and any payment under the retention agreement into which Mr. Thomas previously entered with the Company. Each of these payments will be made in the spring of 2023, prior to the Separation Date.