Business Context and Reporting Period
This Form 8-K filing by McKesson Corporation (MCKESSON CORP) reports a material corporate event dated June 20, 2013. The filing addresses the departure of a senior executive and the appointment of an interim replacement.
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 executive compensation and personnel changes.
Material Changes
- Executive Departure: Jeffrey C. Campbell, Executive Vice President and Chief Financial Officer, resigned effective June 28, 2013, to join American Express Company.
- Interim Appointment: Nigel A. Rees, Vice President and Controller, was appointed as interim Chief Financial Officer pending a permanent replacement.
Management Commentary and Compensation
Mr. Rees, who joined McKesson in 2001, will receive the following compensation package as interim CFO:
- Base salary: $436,285
- Target annual cash bonus: 50% of base salary
- Target cash long-term incentive award: $115,000
- Target performance-based restricted stock unit award: 1,450 units
- Stock option grant (May 2013): 4,580 shares
The filing notes that the press release regarding this transition is furnished but not deemed "filed" for purposes of Section 18 of the Exchange Act.
Investor Verification Checklist
- Confirm the effective date of Mr. Campbell's resignation (June 28, 2013).
- Verify the timeline for the search for a permanent Chief Financial Officer.
- Review the attached press release (Exhibit 99.1) for additional context on the transition.
- Monitor future filings for the appointment of a permanent CFO.