Summary
This 8-K filing from Becton, Dickinson and Company (BDX) on July 8, 2013, announces a significant change in its executive leadership within the finance department. The company has appointed Christopher R. Reidy as the new Chief Financial Officer (CFO) and Executive Vice President of Administration, effective July 15, 2013. Mr. Reidy brings extensive experience, having previously served as CFO of ADP Corporation. This transition marks the end of Suketu Upadhyay's tenure as interim CFO, who will now assume expanded responsibilities as Senior Vice President, Finance, and will continue to serve as the principal accounting officer. The filing also details Mr. Reidy's compensation package, including base salary, incentive awards, and equity compensation, as well as a change-of-control severance agreement, providing transparency on the financial arrangements for this key executive appointment.
Key Highlights
- 1Appointment of Christopher R. Reidy as Chief Financial Officer (CFO) and Executive Vice President of Administration, effective July 15, 2013.
- 2Mr. Reidy's prior experience includes serving as CFO of ADP Corporation.
- 3Suketu Upadhyay transitions from interim CFO to Senior Vice President, Finance, with expanded responsibilities and will remain the principal accounting officer.
- 4Mr. Reidy's compensation includes a base salary of $675,000.
- 5Target annual incentive award for Mr. Reidy is 85% of salary, pro-rated for fiscal year 2013.
- 6Mr. Reidy will receive a $2 million equity award in fiscal year 2014.
- 7A change-of-control severance agreement with a two-times salary and bonus multiple for Mr. Reidy is established, aligning with other executive agreements.