8-KLeadership ChangesExhibits & Filings

AGILENT TECHNOLOGIES, INC. 8-K Report, Executive Changes (Mar 18, 2015)

Filed March 18, 2015For Securities:A

Summary

Agilent Technologies, Inc. filed an 8-K on March 18, 2015, to announce a significant leadership transition. William P. Sullivan retired as Chief Executive Officer (CEO) and Board member, transitioning to a senior advisor role until October 31, 2015. This marks the end of his tenure as CEO, a role he held prior to his retirement. The Board appointed Michael R. McMullen as the new CEO, effective March 18, 2015. Mr. McMullen, a long-tenured Agilent employee with extensive experience in general management and leadership of the Chemical Analysis Group, was previously CEO-elect. His compensation package has been updated to reflect his new role, including a base salary increase, a higher target bonus percentage, and equity awards in the form of stock options and performance-based restricted stock units. The company also issued a press release detailing this appointment.

Key Highlights

  • 1William P. Sullivan has retired as CEO and Board member, effective March 18, 2015.
  • 2Mr. Sullivan will remain with Agilent as a senior advisor until October 31, 2015.
  • 3Michael R. McMullen has been appointed as the new CEO of Agilent Technologies, Inc.
  • 4Mr. McMullen's annual base salary has been increased to $950,000.
  • 5His target award percentage under the Performance-Based Compensation Plan is now 120% of base salary.
  • 6Mr. McMullen received a stock option grant for 66,162 shares and performance-based RSUs for 14,224 shares.
  • 7The company issued a press release on March 18, 2015, announcing the CEO transition.

Frequently Asked Questions

This 8-K filing announces the retirement of Agilent's CEO, William P. Sullivan, and the appointment of Michael R. McMullen as the new CEO, along with details of Mr. McMullen's compensation in his new role.

Mr. Sullivan will continue to be employed by Agilent as a senior advisor from March 18, 2015, through October 31, 2015.

Mr. McMullen's annual base salary increased to $950,000, his target award under the Performance-Based Compensation Plan increased to 120% of base salary, and he received stock options and performance-based restricted stock units.

The performance-based restricted stock units granted to Mr. McMullen will vest on October 31, 2017, with the payout dependent on Agilent's performance against set goals during the three-year period ending on that date.