Blackstone Inc 8-K, filed Jun 25, 2020
Blackstone Inc. (BX)
About this 8-K
Blackstone Inc filed this 8-K on June 25, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
(d)
On June 25, 2020, Ruth Porat was appointed to the board of directors (the “Board”) of The Blackstone Group Inc. and its Audit Committee.
Ms. Porat will receive an annual cash retainer of $150,000. In addition, Ms. Porat will receive, effective June 25, 2020, a grant of deferred restricted common stock units with a value of $210,000 under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan. These deferred restricted common stock units will vest, and the underlying shares of Class A common stock will be delivered, on the first anniversary of the date of grant, subject to Ms. Porat’s continued service on the Board.
A copy of the press release announcing the appointment of Ms. Porat to the Board is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |||
| 99.1 |
Press release of The Blackstone Group Inc. dated June 25, 2020. | |||
| 104 |
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | |||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 25, 2020
| The Blackstone Group Inc. | ||
| By: |
/s/ John G. Finley | |
| Name: |
John G. Finley | |
| Title: |
Chief Legal Officer | |
Exhibit 99.1
Ruth Porat, Alphabet and Google CFO, Joins Blackstone’s Board of Directors
New York, June 25, 2020 – Blackstone (NYSE:BX) today announced that Ruth Porat, Chief Financial Officer of Alphabet Inc. and Google Inc., has joined its board of directors.
Ruth joined Google as Senior Vice President and Chief Financial Officer in May 2015 and has also held the same title at Alphabet since it was created in October 2015. Previously, she spent 27 years at Morgan Stanley, most recently serving as Executive Vice President and CFO of the company. She held a number of prior senior roles at the bank, including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group, and Co-head of Technology Investment Banking. At Morgan Stanley, she led many milestone transactions, including Blackstone’s IPO in 2007.
Commenting on the appointment, Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder, said: “I first worked closely with Ruth during Blackstone’s IPO and greatly admire her talent and judgment. She possesses a deep understanding of the financial services industry from her years on Wall Street and has had a front row seat in Silicon Valley to the technological revolution that is sweeping the world. Her unique perspective will be a tremendous asset to Blackstone’s board.”
Jon Gray, President and COO of Blackstone, added: “We are thrilled to have Ruth joining Blackstone’s board. She’s an exceptional leader and a wonderful person. I know she will have a powerful impact on our firm, given her wealth of experience from both the finance and technology worlds.”
Ruth Porat added: “I’ve known Steve, Jon and the Blackstone leadership team for many years and have always admired Blackstone’s business and culture. The firm’s tremendous growth, success and innovation is a testament to the quality of its people and the strength of its global platform. I hope to contribute as a member of the Board.”
Porat is Vice Chair of Stanford University’s Board of Trustees and a member of the Board of Directors of the Stanford Management Company, the University’s endowment. She is a member of the Aspen Institute Economic Strategy Group and the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She holds a BA from Stanford University, an MSc from The London School of Economics and an MBA from the Wharton School.
About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $538 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.