Summary
Boston Scientific Corporation (BSX) filed an 8-K on September 6, 2007, primarily to announce a change in its Board of Directors. The key event reported is the election of J. Raymond Elliott to the Board, effective September 5, 2007. Mr. Elliott brings valuable experience as he currently serves as the Chairman of Zimmer Holdings, Inc. In connection with his appointment, Mr. Elliott will receive standard director compensation, including a pro-rated annual cash retainer of $60,000 and an annual restricted stock grant valued at $120,000. This appointment is expected to be presented for ratification by stockholders at the May 2008 Annual Stockholders Meeting. The filing also notes the attachment of a press release detailing this event.
Key Highlights
- 1J. Raymond Elliott elected to the Boston Scientific Board of Directors on September 5, 2007.
- 2Mr. Elliott is the Chairman of Zimmer Holdings, Inc., bringing relevant industry experience.
- 3The election is effective immediately, with Mr. Elliott subject to stockholder election in May 2008.
- 4Standard director compensation will be provided to Mr. Elliott, including a $60,000 cash retainer and a $120,000 restricted stock grant.
- 5The company attached a press release dated September 6, 2007, as an exhibit to the filing.
- 6No immediate committee appointments for Mr. Elliott were specified at the time of the filing.