Business Context and Reporting Period
This Form 8-K Current Report was filed by McKesson Corporation on March 5, 2014, covering events occurring on February 28, 2014. The filing primarily addresses corporate governance changes, specifically the election of a new director to the Board of Directors.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel and governance matters.
Material Changes
The Board of Directors elected N. Anthony Coles, M.D., as a new director, effective April 29, 2014. Consequently, the size of the Board was increased from nine to ten members. Dr. Coles was appointed to the Compensation Committee and the Finance Committee and was determined to be independent under NYSE and Company standards.
Guidance, Outlook, and Compensation
Dr. Coles will receive compensation in accordance with the Company's standard arrangement for non-employee directors, prorated for the remainder of the fiscal year. He will be granted restricted stock units (RSUs) with a grant date value of $37,500. The grant is scheduled for May 6, 2014, or the next available trading window following the release of fourth-quarter fiscal year 2014 earnings. No financial guidance or outlook was provided in this report.
Investor Verification Checklist
- Verify the effective date of Dr. Coles' directorship (April 29, 2014) and his committee assignments.
- Confirm the specific number of RSUs granted once the May 6, 2014, stock price is known, based on the $37,500 value target.
- Review the Company's 2013 Proxy Statement for the full details of the non-employee director compensation program referenced in this filing.
- Note that this filing does not include financial results; refer to the upcoming Q4 2014 earnings release for financial metrics.