Business Context and Reporting Period
This Form 8-K Current Report was filed by Bristol-Myers Squibb Company on October 13, 2005, covering events occurring on October 10, 2005. The filing reports on significant executive appointments and changes in principal officer roles.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figures disclosed relate to executive compensation packages.
- Richard K. Willard Base Salary: $700,000 annually.
- Richard K. Willard Target Total Cash Compensation: $1,330,000 (salary plus target bonus).
- Richard K. Willard Equity Grant: 19,300 performance share units.
Material Changes
The primary material changes reported are personnel-related:
- Appointment of Senior Vice President and General Counsel: Richard K. Willard was appointed effective October 10, 2005.
- Promotion of Controller: Joseph C. Caldarella was promoted to Vice President and Controller effective October 10, 2005.
- Departure from Controller Role: David L. Zabor assumed a new role and ceased serving as the Company's Controller.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, market outlook, or discussion of general business risks. It details specific contingencies regarding the performance share units granted to Mr. Willard:
- Payout Conditions: Payout is contingent on continued service requirements (generally three years) and the Company's performance against pre-determined objectives.
- Performance Metrics: Final award amounts are based on earnings per share, sales, and relative total shareholder return.
- Payout Range: The maximum number of shares payable is 253% of the target, while the minimum is zero.
Key Facts for Investor Verification
- Verify the effective date of Richard K. Willard's appointment as Senior Vice President and General Counsel (October 10, 2005).
- Confirm the specific performance metrics (EPS, sales, TSR) used to calculate the 19,300 performance share units granted to Mr. Willard.
- Monitor the transition of duties from David L. Zabor to Joseph C. Caldarella in the Controller role.
- Note that this filing does not contain quarterly or annual financial results; refer to the most recent 10-Q or 10-K for financial performance data.