[6-K] ORIX Corporation American Current Report (Foreign Issuer)
Stem, Inc. (NYSE: STEM) filed an amended Form 8-K to correct a typographical error regarding option awards and to disclose a leadership transition in the finance function. The filing confirms that current CFO & EVP Doran Hole will resign effective July 17, 2025, after which he will act as an advisor through July 31, 2025 to ensure an orderly hand-off.
The Board has appointed Brian Musfeldt (age 51) as the new Chief Financial Officer, effective the same day the incumbent departs. Musfeldt brings more than 20 years of finance leadership, including recent CFO roles at ikeGPS and Also Energy (acquired by Stem in 2022). His compensation package includes: (i) $400,000 base salary, (ii) $50,000 sign-on cash bonus, (iii) an initial equity package totalling 28,000 share-based units/options split between RSUs, PSUs and options, most of which vest over three years, and (iv) eligibility for an annual cash bonus equal to 75% of base salary, prorated for 2025. Standard severance, change-in-control and indemnification provisions apply.
The company issued a press release on July 2, 2025 announcing the change (furnished as Exhibit 99). No other operational or financial performance data were provided, and the correction noted in this 8-K/A does not alter any previously reported financial results.
Stem, Inc. (NYSE: STEM) ha presentato un modulo 8-K emendato per correggere un errore tipografico relativo alle assegnazioni di opzioni e per comunicare una transizione nella leadership della funzione finanziaria. Il documento conferma che l'attuale CFO e EVP Doran Hole si dimetterà con effetto dal 17 luglio 2025, dopodiché agirà come consulente fino al 31 luglio 2025 per garantire un passaggio di consegne ordinato.
Il Consiglio ha nominato Brian Musfeldt (51 anni) come nuovo Chief Financial Officer, con effetto dal giorno stesso della partenza del precedente CFO. Musfeldt vanta oltre 20 anni di esperienza nella leadership finanziaria, inclusi ruoli recenti come CFO presso ikeGPS e Also Energy (acquisita da Stem nel 2022). Il suo pacchetto retributivo comprende: (i) stipendio base di 400.000 dollari, (ii) bonus di benvenuto in contanti di 50.000 dollari, (iii) un pacchetto iniziale di azioni pari a 28.000 unità/opzioni basate su azioni suddivise tra RSU, PSU e opzioni, la maggior parte delle quali maturano in tre anni, e (iv) l'idoneità a un bonus annuale in contanti pari al 75% dello stipendio base, proporzionato per il 2025. Si applicano le normali clausole di indennità, cambio di controllo e liquidazione.
L'azienda ha emesso un comunicato stampa il 2 luglio 2025 per annunciare il cambiamento (allegato come Exhibit 99). Non sono stati forniti altri dati operativi o di performance finanziaria, e la correzione indicata in questo 8-K/A non modifica alcun risultato finanziario precedentemente riportato.
Stem, Inc. (NYSE: STEM) presentó un formulario 8-K enmendado para corregir un error tipográfico relacionado con las concesiones de opciones y para revelar una transición en el liderazgo de la función financiera. El documento confirma que el actual CFO y EVP Doran Hole renunciará con efecto a partir del 17 de julio de 2025, tras lo cual actuará como asesor hasta el 31 de julio de 2025 para asegurar una entrega ordenada.
La Junta ha nombrado a Brian Musfeldt (51 años) como el nuevo Director Financiero, efectivo el mismo día en que el titular actual se retire. Musfeldt aporta más de 20 años de experiencia en liderazgo financiero, incluyendo recientes cargos como CFO en ikeGPS y Also Energy (adquirida por Stem en 2022). Su paquete de compensación incluye: (i) salario base de 400,000 dólares, (ii) bono de bienvenida en efectivo de 50,000 dólares, (iii) un paquete inicial de capital que totaliza 28,000 unidades/opciones basadas en acciones divididas entre RSU, PSU y opciones, la mayoría de las cuales se consolidan en tres años, y (iv) elegibilidad para un bono anual en efectivo igual al 75% del salario base, prorrateado para 2025. Se aplican disposiciones estándar de indemnización, cambio de control y compensación.
La compañía emitió un comunicado de prensa el 2 de julio de 2025 anunciando el cambio (proporcionado como Exhibit 99). No se proporcionaron otros datos operativos o de desempeño financiero, y la corrección indicada en este 8-K/A no altera ningún resultado financiero previamente reportado.
Stem, Inc. (NYSE: STEM)은 옵션 수상 관련 오타를 수정하고 재무 부서 리더십 전환을 공개하기 위해 수정된 Form 8-K를 제출했습니다. 제출서류는 현 CFO 겸 EVP Doran Hole이 2025년 7월 17일부로 사임할 것임을 확인하며, 이후 2025년 7월 31일까지 원활한 인수인계를 위해 고문으로 활동할 예정입니다.
이사회는 Brian Musfeldt(51세)를 신임 최고재무책임자(CFO)로 임명했으며, 현직자의 퇴임일과 동일한 날부터 효력이 발생합니다. Musfeldt는 20년 이상의 재무 리더십 경험을 보유하고 있으며, 최근에는 ikeGPS와 Stem이 2022년에 인수한 Also Energy에서 CFO를 역임했습니다. 그의 보상 패키지는 (i)
회사는 2025년 7월 2일에 이 변동을 발표하는 보도자료(Exhibit 99로 제공)를 발행했습니다. 기타 운영 또는 재무 성과 데이터는 제공되지 않았으며, 이 8-K/A에서 언급된 수정 사항은 이전에 보고된 재무 결과에 영향을 미치지 않습니다.
Stem, Inc. (NYSE : STEM) a déposé un formulaire 8-K modifié pour corriger une erreur typographique concernant les attributions d’options et pour annoncer une transition au sein de la direction financière. Le dépôt confirme que le CFO et EVP actuel Doran Hole démissionnera avec effet au 17 juillet 2025, après quoi il agira en tant que conseiller jusqu’au 31 juillet 2025 afin d’assurer une passation ordonnée.
Le conseil d’administration a nommé Brian Musfeldt (51 ans) nouveau directeur financier, à compter du même jour que le départ de son prédécesseur. Musfeldt apporte plus de 20 ans d’expérience en leadership financier, incluant des postes récents de CFO chez ikeGPS et Also Energy (acquise par Stem en 2022). Son package de rémunération comprend : (i) un salaire de base de 400 000 $, (ii) un bonus d’intégration en espèces de 50 000 $, (iii) un package initial d’actions totalisant 28 000 unités/options basées sur des actions, réparties entre RSU, PSU et options, dont la plupart sont acquises sur trois ans, et (iv) une éligibilité à un bonus annuel en espèces égal à 75 % du salaire de base, au prorata pour 2025. Les dispositions standard relatives aux indemnités, aux changements de contrôle et à l’indemnisation s’appliquent.
La société a publié un communiqué de presse le 2 juillet 2025 annonçant ce changement (fourni en annexe Exhibit 99). Aucune autre donnée opérationnelle ou financière n’a été communiquée, et la correction mentionnée dans ce 8-K/A n’affecte aucun résultat financier précédemment rapporté.
Stem, Inc. (NYSE: STEM) hat ein berichtigtes Formular 8-K eingereicht, um einen Tippfehler bezüglich Optionszuteilungen zu korrigieren und einen Führungswechsel im Finanzbereich bekannt zu geben. Die Einreichung bestätigt, dass der derzeitige CFO & EVP Doran Hole zum 17. Juli 2025 zurücktritt, danach wird er bis zum 31. Juli 2025 als Berater tätig sein, um eine geordnete Übergabe sicherzustellen.
Der Vorstand hat Brian Musfeldt (51 Jahre) zum neuen Chief Financial Officer ernannt, wirksam am selben Tag, an dem der Vorgänger ausscheidet. Musfeldt verfügt über mehr als 20 Jahre Führungserfahrung im Finanzbereich, darunter zuletzt CFO-Positionen bei ikeGPS und Also Energy (2022 von Stem übernommen). Sein Vergütungspaket umfasst: (i) ein Grundgehalt von 400.000 USD, (ii) einen einmaligen Barbonus von 50.000 USD, (iii) ein anfängliches Aktienpaket in Höhe von 28.000 aktienbasierten Einheiten/Optionen, verteilt auf RSUs, PSUs und Optionen, die größtenteils über drei Jahre vesten, sowie (iv) die Berechtigung zu einem jährlichen Barbonus in Höhe von 75 % des Grundgehalts, anteilig für 2025. Standardmäßige Abfindungs-, Kontrollwechsel- und Entschädigungsregelungen gelten.
Das Unternehmen veröffentlichte am 2. Juli 2025 eine Pressemitteilung zur Ankündigung der Änderung (als Exhibit 99 beigefügt). Es wurden keine weiteren operativen oder finanziellen Leistungsdaten bereitgestellt, und die in diesem 8-K/A vorgenommene Korrektur ändert keine zuvor gemeldeten Finanzergebnisse.
- Seamless succession: New CFO appointed before incumbent’s departure, minimizing operational disruption.
- Relevant industry expertise: Musfeldt previously led finance at Also Energy, a Stem acquisition, supporting strategic continuity.
- Performance-linked equity: Inclusion of PSUs ties a portion of compensation to achievement of measurable metrics.
- CFO resignation: Departure of a key executive can signal internal challenges and introduce transition risk.
- Unspecified separation costs: Final terms for outgoing CFO are still under negotiation, creating potential for unexpected expenses.
- Equity dilution: 28,000 share-based awards, while small, incrementally dilute existing shareholders.
Insights
TL;DR—CFO turnover neutral: swift replacement limits disruption; no financial guidance impacted.
The simultaneous resignation of a sitting CFO and appointment of a seasoned successor mitigates execution risk. Musfeldt is already familiar with Stem’s asset base through his tenure at Also Energy, which should accelerate onboarding. Equity incentives are performance-weighted (6,750 PSUs) and time-based (16,000 RSUs/options), aligning interests with shareholders, while the total share count is immaterial relative to Stem’s ~160 m diluted shares. Because no earnings or guidance were updated, the market impact should be modest and primarily sentiment-driven.
TL;DR—Leadership churn raises governance flag; separation terms pending.
Frequent C-suite changes can unsettle investors, especially in capital-intensive energy-tech firms. Stem has not yet finalized Hole’s separation and advisory agreements, leaving unknown liabilities such as severance or accelerated vesting. While the company’s prompt disclosure meets SEC requirements, stakeholders will watch for any additional costs in the forthcoming amendment. The corrected option count highlights diligence but also underscores the need for accuracy in executive compensation reporting.
Stem, Inc. (NYSE: STEM) ha presentato un modulo 8-K emendato per correggere un errore tipografico relativo alle assegnazioni di opzioni e per comunicare una transizione nella leadership della funzione finanziaria. Il documento conferma che l'attuale CFO e EVP Doran Hole si dimetterà con effetto dal 17 luglio 2025, dopodiché agirà come consulente fino al 31 luglio 2025 per garantire un passaggio di consegne ordinato.
Il Consiglio ha nominato Brian Musfeldt (51 anni) come nuovo Chief Financial Officer, con effetto dal giorno stesso della partenza del precedente CFO. Musfeldt vanta oltre 20 anni di esperienza nella leadership finanziaria, inclusi ruoli recenti come CFO presso ikeGPS e Also Energy (acquisita da Stem nel 2022). Il suo pacchetto retributivo comprende: (i) stipendio base di 400.000 dollari, (ii) bonus di benvenuto in contanti di 50.000 dollari, (iii) un pacchetto iniziale di azioni pari a 28.000 unità/opzioni basate su azioni suddivise tra RSU, PSU e opzioni, la maggior parte delle quali maturano in tre anni, e (iv) l'idoneità a un bonus annuale in contanti pari al 75% dello stipendio base, proporzionato per il 2025. Si applicano le normali clausole di indennità, cambio di controllo e liquidazione.
L'azienda ha emesso un comunicato stampa il 2 luglio 2025 per annunciare il cambiamento (allegato come Exhibit 99). Non sono stati forniti altri dati operativi o di performance finanziaria, e la correzione indicata in questo 8-K/A non modifica alcun risultato finanziario precedentemente riportato.
Stem, Inc. (NYSE: STEM) presentó un formulario 8-K enmendado para corregir un error tipográfico relacionado con las concesiones de opciones y para revelar una transición en el liderazgo de la función financiera. El documento confirma que el actual CFO y EVP Doran Hole renunciará con efecto a partir del 17 de julio de 2025, tras lo cual actuará como asesor hasta el 31 de julio de 2025 para asegurar una entrega ordenada.
La Junta ha nombrado a Brian Musfeldt (51 años) como el nuevo Director Financiero, efectivo el mismo día en que el titular actual se retire. Musfeldt aporta más de 20 años de experiencia en liderazgo financiero, incluyendo recientes cargos como CFO en ikeGPS y Also Energy (adquirida por Stem en 2022). Su paquete de compensación incluye: (i) salario base de 400,000 dólares, (ii) bono de bienvenida en efectivo de 50,000 dólares, (iii) un paquete inicial de capital que totaliza 28,000 unidades/opciones basadas en acciones divididas entre RSU, PSU y opciones, la mayoría de las cuales se consolidan en tres años, y (iv) elegibilidad para un bono anual en efectivo igual al 75% del salario base, prorrateado para 2025. Se aplican disposiciones estándar de indemnización, cambio de control y compensación.
La compañía emitió un comunicado de prensa el 2 de julio de 2025 anunciando el cambio (proporcionado como Exhibit 99). No se proporcionaron otros datos operativos o de desempeño financiero, y la corrección indicada en este 8-K/A no altera ningún resultado financiero previamente reportado.
Stem, Inc. (NYSE: STEM)은 옵션 수상 관련 오타를 수정하고 재무 부서 리더십 전환을 공개하기 위해 수정된 Form 8-K를 제출했습니다. 제출서류는 현 CFO 겸 EVP Doran Hole이 2025년 7월 17일부로 사임할 것임을 확인하며, 이후 2025년 7월 31일까지 원활한 인수인계를 위해 고문으로 활동할 예정입니다.
이사회는 Brian Musfeldt(51세)를 신임 최고재무책임자(CFO)로 임명했으며, 현직자의 퇴임일과 동일한 날부터 효력이 발생합니다. Musfeldt는 20년 이상의 재무 리더십 경험을 보유하고 있으며, 최근에는 ikeGPS와 Stem이 2022년에 인수한 Also Energy에서 CFO를 역임했습니다. 그의 보상 패키지는 (i)
회사는 2025년 7월 2일에 이 변동을 발표하는 보도자료(Exhibit 99로 제공)를 발행했습니다. 기타 운영 또는 재무 성과 데이터는 제공되지 않았으며, 이 8-K/A에서 언급된 수정 사항은 이전에 보고된 재무 결과에 영향을 미치지 않습니다.
Stem, Inc. (NYSE : STEM) a déposé un formulaire 8-K modifié pour corriger une erreur typographique concernant les attributions d’options et pour annoncer une transition au sein de la direction financière. Le dépôt confirme que le CFO et EVP actuel Doran Hole démissionnera avec effet au 17 juillet 2025, après quoi il agira en tant que conseiller jusqu’au 31 juillet 2025 afin d’assurer une passation ordonnée.
Le conseil d’administration a nommé Brian Musfeldt (51 ans) nouveau directeur financier, à compter du même jour que le départ de son prédécesseur. Musfeldt apporte plus de 20 ans d’expérience en leadership financier, incluant des postes récents de CFO chez ikeGPS et Also Energy (acquise par Stem en 2022). Son package de rémunération comprend : (i) un salaire de base de 400 000 $, (ii) un bonus d’intégration en espèces de 50 000 $, (iii) un package initial d’actions totalisant 28 000 unités/options basées sur des actions, réparties entre RSU, PSU et options, dont la plupart sont acquises sur trois ans, et (iv) une éligibilité à un bonus annuel en espèces égal à 75 % du salaire de base, au prorata pour 2025. Les dispositions standard relatives aux indemnités, aux changements de contrôle et à l’indemnisation s’appliquent.
La société a publié un communiqué de presse le 2 juillet 2025 annonçant ce changement (fourni en annexe Exhibit 99). Aucune autre donnée opérationnelle ou financière n’a été communiquée, et la correction mentionnée dans ce 8-K/A n’affecte aucun résultat financier précédemment rapporté.
Stem, Inc. (NYSE: STEM) hat ein berichtigtes Formular 8-K eingereicht, um einen Tippfehler bezüglich Optionszuteilungen zu korrigieren und einen Führungswechsel im Finanzbereich bekannt zu geben. Die Einreichung bestätigt, dass der derzeitige CFO & EVP Doran Hole zum 17. Juli 2025 zurücktritt, danach wird er bis zum 31. Juli 2025 als Berater tätig sein, um eine geordnete Übergabe sicherzustellen.
Der Vorstand hat Brian Musfeldt (51 Jahre) zum neuen Chief Financial Officer ernannt, wirksam am selben Tag, an dem der Vorgänger ausscheidet. Musfeldt verfügt über mehr als 20 Jahre Führungserfahrung im Finanzbereich, darunter zuletzt CFO-Positionen bei ikeGPS und Also Energy (2022 von Stem übernommen). Sein Vergütungspaket umfasst: (i) ein Grundgehalt von 400.000 USD, (ii) einen einmaligen Barbonus von 50.000 USD, (iii) ein anfängliches Aktienpaket in Höhe von 28.000 aktienbasierten Einheiten/Optionen, verteilt auf RSUs, PSUs und Optionen, die größtenteils über drei Jahre vesten, sowie (iv) die Berechtigung zu einem jährlichen Barbonus in Höhe von 75 % des Grundgehalts, anteilig für 2025. Standardmäßige Abfindungs-, Kontrollwechsel- und Entschädigungsregelungen gelten.
Das Unternehmen veröffentlichte am 2. Juli 2025 eine Pressemitteilung zur Ankündigung der Änderung (als Exhibit 99 beigefügt). Es wurden keine weiteren operativen oder finanziellen Leistungsdaten bereitgestellt, und die in diesem 8-K/A vorgenommene Korrektur ändert keine zuvor gemeldeten Finanzergebnisse.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2025
Commission File Number: 001-14856
ORIX Corporation
(Translation of Registrant’s Name into English)
World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-ku,
Tokyo, JAPAN
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ☒ Form 40-F ☐
Table of Contents
Material Contained in this Report
| 1. |
“Notice regarding Share Repurchase Status” |
SIGNATURES
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, thereunto duly authorized.
| ORIX Corporation | ||||
| Date : July 3, 2025 |
By | /s/ Yasuaki Mikami | ||
| Yasuaki Mikami | ||||
| Member of the Board of Directors Senior Managing Executive Officer Responsible for Corporate Function Unit Responsible for Work Style Reform Project ORIX Corporation | ||||
Notice regarding Share Repurchase Status
TOKYO, Japan - July 3, 2025 - ORIX Corporation announced today the status regarding its share repurchase pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act, which was resolved at its Board of Directors meeting held on May 12, 2025, as follows.
| 1. Class of shares repurchased |
Common shares | |
| 2. Total number of shares repurchased |
4,526,800 shares | |
| 3. Total purchase price of shares repurchased |
JPY 13,951,909,500 | |
| 4. Repurchase Period |
From June 1, 2025 to June 30, 2025 | |
| 5. Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
(Reference)
| 1. Details of the resolution reached at the Board of Directors meeting held on May 12, 2025 | ||
| (1) Class of shares to be repurchased |
Common shares | |
| (2) Total number of shares to be repurchased |
Up to 40,000,000 shares (approx.3.5% of the total outstanding shares (excluding treasury shares)) | |
| (3) Total purchase price of shares to be repurchased |
Up to 100 billion yen | |
| (4) Repurchase Period |
From May 19, 2025 to March 31, 2026 | |
| (5) Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares | |
| 2. Cumulative number of shares repurchased based on the above resolution at the Board of Directors Meeting (as of June 30, 2025) | ||
| (1) Total number of shares repurchased |
7,528,100 shares | |
| (2) Total purchase price of shares repurchased |
JPY 22,932,883,500 | |
Contact Information:
Investor Relations and Sustainability Department
ORIX Corporation
Tel: +81-3-3435-3121
About ORIX Group:
ORIX Group (ORIX Corporation TSE: 8591; NYSE: IX) was established in 1964 and has grown from its roots in leasing in Japan to become a global, diverse, and unique corporate group. Today, it is active around the world in financing and investment, life insurance, banking, asset management, real estate, concession, environment and energy, automobile-related services, industrial/ICT equipment, ships and aircraft. Since expanding outside of Japan in 1971, ORIX Group has grown its business globally and now operates in around 30 countries and regions across the world with approximately 34,000 people. ORIX Group unites globally around its Purpose: “Finding Paths. Making Impact.” combining diverse expertise and innovative thinking to help our world develop in a sustainable way. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2025)
Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2024 – March 31, 2025” furnished on Form 6-K.
FAQ
Why is Stem Inc. (STEM) filing an 8-K/A?
When does current CFO Doran Hole leave Stem?
Who is Stem’s new CFO and when does he start?
What is the compensation package for the new CFO at STEM?
Does the 8-K/A include any new financial guidance for Stem?
