Business Context and Reporting Period
This Form 8-K Current Report is filed by Lincoln National Corporation (LNC) on August 6, 2026. The filing primarily addresses a significant executive leadership change within the company's finance function.
Key Financial Metrics
The filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Departure of CFO: Christopher Neczypor, Executive Vice President and Chief Financial Officer, notified the company of his intention to leave to pursue an opportunity outside the industry. His departure is not related to financial results or disagreements with management.
- Interim Appointment: Adam M. Cohen, Senior Vice President, Chief Accounting Officer, and Treasurer, was appointed as Interim CFO effective immediately.
- Transition Plan: Mr. Neczypor will remain with the company through the end of August 2026 to assist with the transition while a search for a permanent successor is conducted.
Compensation and Management Commentary
While serving as Interim CFO, Mr. Cohen's compensation package, subject to Compensation Committee approval, includes:
- Base Salary: $550,000 annually.
- Annual Incentive Program (AIP): Target award of 300% of base salary, pro-rated for 2026.
- Long-Term Incentive Program (LTIP): Target award of $1,600,000, pro-rated for 2026.
- Retention Grant: $1,000,000 under the LTIP.
Performance measures and goals for the 2026 AIP and LTIP were established by the Committee on February 19, 2026. Payouts are contingent upon achieving threshold performance.
Investor Verification Checklist
- Verify the timeline for the permanent CFO search and the expected duration of the interim arrangement.
- Review the specific performance metrics tied to Mr. Cohen's pro-rated incentive awards to understand the conditions for payout.
- Monitor subsequent filings for the announcement of the permanent CFO successor.
- Confirm that the departure of the CFO does not signal undisclosed operational or financial stress, as explicitly stated in the filing.