Business Context and Reporting Period
This Form 8-K Current Report was filed by Boston Scientific Corporation on April 18, 2025, with the earliest event reported on April 23, 2025. The filing addresses significant executive leadership changes within the finance function, specifically the retirement of the Chief Financial Officer (CFO) and the appointment of a successor.
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 transitions.
Material Changes
The primary material change reported is the leadership transition in the CFO role:
- Departure: Daniel J. Brennan will retire as Executive Vice President and Chief Financial Officer effective June 29, 2025.
- Succession: Jonathan Monson, currently Senior Vice President, Investor Relations, will be promoted to Executive Vice President and Chief Financial Officer effective June 30, 2025.
- Transition Period: Mr. Brennan will serve as a senior advisor from his retirement date through October 3, 2025.
Guidance, Outlook, and Compensation Details
The filing details the compensatory arrangements for both the departing and incoming CFOs:
Outgoing CFO (Daniel J. Brennan)
- Advisor Role: Will receive a prorated base salary of $880,000 annually through the retirement date.
- Benefits: Entitled to payments consistent with the Executive Retirement Plan, 2025 Annual Bonus Plan, and prior performance share programs.
Incoming CFO (Jonathan Monson)
- Base Salary: $700,000 annually.
- Annual Bonus: Target of 80% of base salary.
- Equity Award: Promotional grant with a total fair value of $1,750,000 (mix of stock options/RSUs), vesting 25% annually starting the first anniversary.
- Retirement Benefits: Eligible for a lump sum payment of 2.5 months base salary per year of service (capped at 36 months).
- Change in Control: Covered under standard executive agreements.
The filing does not provide specific guidance on future financial performance, risks, or contingencies beyond standard executive compensation disclosures.
Investor Verification Checklist
- Verify the exact effective dates of the CFO transition (June 29/30, 2025) and the advisor period end date (October 3, 2025).
- Review the full text of the Offer Letter (Exhibit 10.1) for specific vesting schedules and performance conditions attached to the $1.75M equity award.
- Confirm the terms of the Executive Retirement Plan to understand the specific payout calculations for Mr. Brennan.
- Monitor subsequent filings for any impact on the company's financial reporting timeline or internal controls during the transition.