8-KLeadership Changes

BIOGEN INC. 8-K Report, Executive Changes (Nov 1, 2018)

Filed November 1, 2018For Securities:BIIB

Summary

Biogen Inc. (BIIB) has announced a change in its accounting leadership through an 8-K filing on November 1, 2018. Effective November 19, 2018, Robin C. Kramer will be appointed as the new Vice President, Chief Accounting Officer. This transition involves Jeffrey D. Capello stepping down from his role as Chief Accounting Officer, though he will continue as Executive Vice President, Chief Financial Officer. Ms. Kramer brings extensive experience from her previous roles, including as Chief Accounting Officer at Hertz Global Holdings and an audit partner at Deloitte & Touche LLP. Her compensation package reflects her senior position, including a base salary of $450,000, eligibility for an annual bonus, a significant sign-on bonus, and equity awards. This leadership change in a key financial role is noteworthy for investors monitoring the company's financial governance and reporting.

Key Highlights

  • 1Robin C. Kramer appointed as Vice President, Chief Accounting Officer, effective November 19, 2018.
  • 2Jeffrey D. Capello will step down as Chief Accounting Officer but remain as Executive Vice President, Chief Financial Officer.
  • 3Ms. Kramer has a robust background, including previous Chief Accounting Officer roles and public accounting experience.
  • 4Ms. Kramer's compensation package includes a $450,000 base salary and a target annual bonus of 35%.
  • 5She will receive a $525,000 sign-on bonus, subject to recoupment based on employment duration.
  • 6Ms. Kramer is eligible for equity awards, including restricted stock units and market stock units, under the 2017 Omnibus Equity Plan.
  • 7Severance benefits are outlined for Ms. Kramer under the company's executive severance plan for Vice Presidents, including potential enhanced benefits following a corporate transaction.

Frequently Asked Questions

Jeffrey D. Capello is stepping down as Chief Accounting Officer, a role he held in addition to his Executive Vice President, Chief Financial Officer position. Robin C. Kramer has been appointed to this specific role, indicating a restructuring or delegation of responsibilities within the finance department.

Ms. Kramer is an experienced accounting professional. She previously served as Senior Vice President and Chief Accounting Officer at Hertz Global Holdings, Inc. Her prior experience also includes being an audit partner at Deloitte & Touche LLP and serving as Chief Accounting Officer for Fisher Scientific International, Inc.

Ms. Kramer's compensation includes a base salary of $450,000, eligibility for an annual bonus targeted at 35% of her base salary, a $525,000 sign-on bonus (with recoupment provisions), and equity awards valued at $87,500 each in restricted stock units and market stock units.

Ms. Kramer is eligible for severance benefits under the company's current executive severance plan for Vice Presidents. This includes a minimum of six months' salary and target bonus, potentially increasing to 12 months based on years of service, in case of termination without cause. Enhanced severance benefits are also provided in the event of a termination without cause within two years following a corporate transaction or change in control.