Business Context and Reporting Period
This Form 8-K Current Report was filed by McKesson Corporation on June 16, 2019. The filing primarily addresses corporate governance changes, specifically the election of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on personnel appointments rather than financial performance results.
Material Changes
- Board Composition: The Board of Directors elected Kenneth E. Washington as a director, effective July 1, 2019.
- Board Size: The total number of directors increased from nine to ten members.
- Committee Assignments: Dr. Washington was appointed to the Compliance Committee and the Finance Committee.
Management Commentary and Compensation
Dr. Washington, formerly the Chief Technology Officer of Ford Motor Company, was deemed an independent director. His compensation package includes:
- Cash Retainer: An annual cash retainer of $80,000, prorated for fiscal year 2020 based on the election date.
- Meeting Fees: $1,500 per meeting for the Compliance Committee and $1,500 per meeting for the Finance Committee.
- Equity Award: Restricted Stock Units (RSUs) under the 2013 Stock Plan. The grant amount is calculated by dividing $14,760 by the closing price of the Company's common stock on the grant date.
- Indemnification: Dr. Washington entered into the Company's standard form Indemnification Agreement effective July 1, 2019.
Investor Verification Checklist
- Verify the effective date of Dr. Washington's directorship (July 1, 2019).
- Confirm the specific RSU grant calculation based on the stock price on the grant date.
- Review the attached press release (Exhibit 99.1) for additional context on the Board's strategic rationale.
- Note that this filing does not contain financial results; refer to the most recent 10-Q or 10-K for financial metrics.