McKesson Corporation (NYSE:MCK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As previously reported by McKesson Corporation (the “Company”) in a Current Report on Form 8-K filed with the Securities and Exchange Commission on December18, 2017 (the “Initial Form 8-K”), the Company announced that, effective January1, 2018, Britt Vitalone would serve as its Executive Vice President and Chief Financial Officer.
At the time of the filing of the Initial Form 8-K, the Compensation Committee (the “Committee”) of the Board of Directors of the Company had not determined Mr.Vitalone’s compensationin connection with his new role. The Company is filing this Current Report on Form 8-K/A to amend the Initial Form 8-K to report that on January4, 2018, the Committee approved compensation arrangements for Mr.Vitalone. Effective as of January1, 2018, Mr.Vitalone will be paid an annual base salary of $750,000, and his target annual bonus opportunity under the Company’s Management Incentive Plan will be equal to 50% of his salary earned during the performance period. In addition, in recognition of the promotion, the Committee approved a bonus of $500,000 for Mr.Vitalone, to be paid as soon as administratively practicable following approval. As an executive officer Mr.Vitalone will be eligible for an annual executive physical, participation in the Severance Policy for Executive Employees, as amended and restated on April23, 2013, and Tier One participation in the Change in Control Policy for Selected Executive Employees, as amended and restated on October26, 2010. In addition, he will continue to be eligible to participate in the Company’s general benefit plans and certain executive benefits for which he was already eligible as a member of the Company’s senior management, such as financial counseling services and executive travel services. For more information about the Company’s executive compensation program, including a description of each plan identified above, please refer to the 2017 annual definitive proxy statement that was filed by the Company with the Securities and Exchange Commission on June16, 2017.
About McKesson Corporation (NYSE:MCK)
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally. The Distribution Solutions segment provides pharmaceutical solutions for biotech and pharmaceutical manufacturers, and practice management, technology, clinical support and business solutions to oncology and other specialty practices operating in the community setting. The Technology Solutions segment delivers clinical, patient care, financial, supply chain and strategic management software solutions, as well as connectivity, outsourcing and other services. Its McKesson Health Solutions portfolio includes ClarityQx, which is a payment technology.
