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Posted 16 January, 2024

DELUXE CORP appointed new CEO

CEO Change detected for ticker NYSE:DLX in a 8-K filed on 16 January, 2024.


  Effective January 10, 2024, Michael Reed, Senior Vice President, President, B2B of Deluxe Corporation (the "Company"), transitioned into the role of Special Advisor to the Company's Chief Executive Officer.  

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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.


Effective January 10, 2024, Michael Reed, Senior Vice President, President, B2B of Deluxe Corporation (the "Company"), transitioned into the role of Special Advisor to the Company's Chief Executive Officer. Mr. Reed will serve as Special Advisor during a transition period until Mr. Reed's separation from the Company on March 29, 2024, subject to extension by the Company (the "Separation Date"). Prior to the Separation Date, the Company expects to enter into a related Separation Agreement with Mr. Reed (the "Separation Agreement"), under which Mr. Reed's compensation and benefits will continue during the transition period as in effect on January 10, 2024. The Separation Agreement will provide for the release of claims by Mr. Reed 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. Reed 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 signing and not rescinding the Second Release. A copy of the Executive Severance Plan has been previously filed with the Securities and Exchange Commission ("Commission"). Pursuant to the terms of the Executive Severance Plan, following the Separation Date, Mr. Reed will be entitled to receive: (i) a severance payment equal to 12 months of his base salary, (ii) reimbursement for executive-level outplacement counseling and support services up to a maximum of $25,000 and (iii) a one-time payment of $20,000. 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. Reed's outstanding bonus and equity awards will be handled in accordance with the applicable terms of the Company's related plans and award agreements, copies of which have been previously filed with the Commission. Mr. Reed will also receive his fiscal year 2023 cash bonus in accordance with the terms of the Annual Incentive Plan.