CSC Cuts 2 Board Seats; Appoints Ex-Xerox Exec Lawrence Zimmerman as Director
Computer Sciences Corp. (NYSE: CSC) has eliminated two board seats, reducing its strength to 11, effective Aug. 7, according to an SEC filing.
The Falls Church-based provider of IT services also announced the appointment of Lawrence Zimmerman, former vice chairman of Xerox Corp. (NYSE: XRX), to its board. It also named him as the chair of the Audit Committee.
Zimmerman also sits on the boards of Brunswick Corp., Delphi Automotive PLC and Stanley Black & Decker Inc.
Zimmerman will receive an annual retainer of $90,000 under an amended compensation program for all non-employee directors other than the non-executive chair, effective Aug. 7.
As chairman of the Audit Committee, Zimmerman will receive an additional $20,000 annual retainer and an annual grant of restricted stock units with a fair value of $135,000. The RSUs vest in full on the date of the first annual meeting of the company’s stockholders following the grant date.