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CYBS > SEC Filings for CYBS > Form 8-K on 22-Oct-2009All Recent SEC Filings

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Form 8-K for CYBERSOURCE CORP


22-Oct-2009

Results of Operations and Financial Condition, Change in Directors or Principal


ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 22, 2009, CyberSource Corporation issued a press release announcing its third quarter earnings results. A copy of the press release is attached as Exhibit 99.1.



ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On October 22, 2009, in the same release announcing its third quarter earnings results, CyberSource announced the following management changes and other actions:

• William S. McKiernan is resigning as CyberSource's Chief Executive Officer, effective January 1, 2010. Mr. McKiernan will remain with the company as Executive Chairman.

• Scott R. Cruickshank's employment as CyberSource's President and Chief Operating Officer terminated as of today.

• Michael A. Walsh, CyberSource's Senior Vice President of Worldwide Sales, will become the President and Chief Executive Officer, effective January 1, 2010. Mr. Walsh's biography appears in CyberSource's 2009 proxy statement, which was filed with the SEC on March 31, 2009, and is incorporated by reference herein.

The Board of Directors has not yet determined the modifications that will be made to the compensation arrangements of Messrs. McKiernan and Walsh in connection with these management changes.

A copy of the press release announcing these management changes is attached as Exhibit 99.1.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(D) Exhibits

99.1 Press Release issued by CyberSource Corporation dated October 22, 2009.


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