Summary
Boston Scientific Corporation (BSX) filed an 8-K on March 1, 2010, reporting several key personnel and compensation changes effective February 23, 2010. The filing highlights the upcoming retirements of two board members, Senator Warren B. Rudman and John E. Pepper, who will not seek re-election at the 2010 Annual Meeting. This signals a transition in board leadership and potentially new strategic directions. Additionally, the company announced significant compensation adjustments for key executives. Jeffrey D. Capello received a substantial long-term equity incentive award valued at $1,250,000 in recognition of his new role as Executive Vice President and Chief Financial Officer. The award includes performance share units, deferred stock units, and non-qualified stock options. The filing also corrected Mr. Capello's previously reported base salary. Furthermore, Fredericus A. Colen's relocation benefits for his role as Executive Vice President and Chief Technology Officer were detailed, including the company covering a portion of his home sale loss and shipment costs, along with a tax gross-up benefit.
Key Highlights
- 1Two board members, Senator Warren B. Rudman and John E. Pepper, will retire at the 2010 Annual Meeting of Stockholders.
- 2Jeffrey D. Capello appointed Executive Vice President and Chief Financial Officer.
- 3Mr. Capello received a long-term equity incentive award valued at $1,250,000.
- 4The equity award for Mr. Capello comprises 25% performance share units, 25% deferred stock units, and 50% non-qualified stock options.
- 5Mr. Capello's annual base salary was clarified to be $575,000, correcting a previous report.
- 6Fredericus A. Colen appointed Executive Vice President and Chief Technology Officer.
- 7The company will cover one-third of Mr. Colen's gross loss on his home sale (not exceeding $1,000,000) and relocation expenses, including a tax gross-up.