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Thomas P. Desmond

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Thomas P. Desmond is Co-Chair of the Executive Compensation & Employee Benefits practice group, a member of the firm’s Board of Directors and Chair of the firm’s Compensation Committee.

Mr. Desmond’s practice includes advising corporations and financial institutions with respect to executive compensation, mergers and acquisitions, corporate finance and governance matters. His corporate engagements have included acting as advisor to boards of directors and to compensation, audit, governance and other special committees of boards of directors of public and privately held corporations.

Mr. Desmond is known nationally for his representation of corporations, compensation committees and executives with respect to employment, retirement and separation arrangements affecting senior executives, incentive compensation programs and related regulatory and disclosure requirements. His assignments in this area have included employment arrangements, compensation plans, and regulatory and disclosure matters relating to numerous organizations, including Ace Hardware, Beam, Calamos Investments, ConAgra, Delphi, Dimensional Fund Advisors, DIRECTV, Fifth Third, First Midwest, Fiserv, Harris Associates, Hershey, Hyatt, ING, LPGA, MB Financial, PepsiCo, PGA Tour, Protective Life, Stancorp Financial, Swiss Re, Tellabs, Treehouse Foods, Visa, United Way and a number of private equity-sponsored entities.

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On October 16, 2019, the Financial Accounting Standards Board (“FASB”) extended the implementation deadline for the current expected credit loss standard (“CECL”) for qualifying entities.  The new implementation deadlines are as follows:
Continue Reading CECL Implementation Delayed for Qualifying Entities

On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures currently required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies (“Guide 3”) applicable to public bank holding companies, banks, savings and loan holding companies and savings and loan associations. The proposed rules are intended to also codify certain Guide 3 disclosures as well as eliminate other disclosures that overlap with SEC rules, Generally Accepted Accounting Principles and International Financial Reporting Standards.
Continue Reading SEC Proposes Rules to Update Guide 3 Statistical Disclosures for Public Banking Organizations

Business concepts, cutting tax

On June 5, 2019, Illinois Governor J.B. Pritzker signed a $40 billion state budget bill into law.  Among the various provisions included in the over 300 page budget is a provision providing for the phase-out of Illinois’ corporate franchise tax beginning on January 1, 2020.Continue Reading A Small Win: Illinois to Phase-Out Franchise Tax

This below article was originally posted on Vedder Thinking on June 4, 2019.

On Saturday, June 1, 2019, The Illinois General Assembly passed a bill (the “Diversity Disclosure Bill”) requiring most publicly held companies organized or headquartered in Illinois to include detailed demographic diversity information in their annual reports. Bill intended to provide data to…