Who is John E. Sununu and why has he been appointed to the Board?

John E. Sununu has been elected to the Board of Directors of Boston Scientific. The filing does not provide details on his specific background or the strategic reasons for his appointment, other than it was upon the recommendation of the Nominating and Governance Committee. He will stand for re-election by stockholders at the 2009 Annual Meeting.

What is the compensation for the new director?

As a non-employee director, Mr. Sununu will receive the standard compensation package. This includes a cash retainer of $75,000, which will be pro-rated from his effective start date of April 1, 2009. Additionally, he will be granted restricted stock valued at $125,000, with the number of shares determined by the fair market value of the company's common stock during the next open window period following April 1, 2009.

What is the impact of Mr. Sununu's appointment on the Board?

The appointment of John E. Sununu will temporarily increase the size of the Boston Scientific Board of Directors from fifteen to sixteen members. This is a temporary increase, as Mr. Fleishman is also retiring at the upcoming annual meeting, which will then reduce the Board size.

What other significant director change is mentioned in this filing?

The filing also notes that Joel Fleishman has announced his intention to retire from the Board of Directors at the company's 2009 Annual Stockholders Meeting.

BSX 8-K: Leadership Changes

Summary

Boston Scientific Corporation (BSX) announced a change in its Board of Directors composition via an 8-K filing on March 2, 2009. The key event is the election of John E. Sununu to the Board, effective April 1, 2009, for a term expiring at the 2009 Annual Meeting. Mr. Sununu will receive standard non-employee director compensation, including a pro-rated $75,000 cash retainer and a restricted stock grant valued at $125,000. This appointment temporarily expands the Board to sixteen members. Furthermore, the filing discloses Joel Fleishman's intention to retire from the Board at the upcoming 2009 Annual Stockholders Meeting. Investors should note that Mr. Sununu's election is separate from any existing arrangements and he has not yet been assigned to any board committees. The company also provided a press release dated March 2, 2009, as an exhibit to this filing.

Key Highlights

1John E. Sununu elected to the Board of Directors effective April 1, 2009.
2Mr. Sununu's term will expire at the 2009 Annual Meeting of Stockholders on May 5, 2009.
3The Board size will temporarily increase to sixteen members with Mr. Sununu's appointment.
4Non-employee director compensation for Mr. Sununu includes a $75,000 pro-rated cash retainer.
5Mr. Sununu will receive a restricted stock grant valued at $125,000, based on fair market value at a future open window period.
6Joel Fleishman announced his intention to retire from the Board at the 2009 Annual Stockholders Meeting.
7No prior arrangements or understandings exist between Mr. Sununu and other parties regarding his election.

BOSTON SCIENTIFIC CORP 8-K Report, Executive Changes (Mar 2, 2009)

Summary

Key Highlights

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