Perrigo Company plc - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on March 17, 2019, by Perrigo Company plc, an Ireland-based registrant. The report discloses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
- Resignation: Ronald L. Winowiecki resigned as Chief Financial Officer and principal accounting officer, effective March 25, 2019. He will remain in an advisory role through June 30, 2019.
- Appointment: Ray Silcock was appointed as the new Chief Financial Officer and principal accounting officer, effective March 25, 2019.
Compensation and Management Commentary
Mr. Silcock's compensation package includes:
- Base Salary: $650,000.
- Sign-on Bonus: $500,000 (subject to partial repayment if he voluntarily terminates within two years).
- Annual Incentive Plan: 2019 target award of 80% of base salary.
- Long-Term Incentive Plan: Initial grant in April 2019 with a target value of $2,000,000 in performance-based and service-based restricted stock units.
- Severance: Eligible for Executive Committee, U.S., and Change in Control Severance Policies.
Mr. Silcock brings over 20 years of experience as a CFO, most recently serving at INW Holdings, CTI Foods, and Diamond Foods, Inc.
Investor Verification Checklist
- Verify the effective date of the CFO transition (March 25, 2019).
- Review the specific performance metrics attached to the $2,000,000 long-term incentive grant.
- Confirm the terms of the sign-on bonus repayment clause.
- Check for any subsequent filings regarding Mr. Winowiecki's advisory role or final departure.