Summary
Boston Scientific Corporation (BSX) announced a significant executive transition concerning its Chief Financial Officer role. Jeffrey D. Capello will be stepping down as Executive Vice President and CFO effective December 31, 2013. He will transition to a Senior Advisor role until May 15, 2014, during which he will receive his current base salary and a prorated portion of it through December 31, 2014. Mr. Capello is also eligible for his 2013 bonus, retention of certain performance share units under existing programs, and reimbursement for legal and business expenses. Concurrently, Daniel J. Brennan has been appointed as the new Executive Vice President and CFO, effective January 1, 2014. Mr. Brennan, a long-time employee with extensive experience in finance and investor relations within the company, will receive a base salary of $450,000, along with eligibility for annual bonuses, long-term incentive equity awards valued at $1.5 million, and benefits under the company's Executive Retirement Plan. This leadership change indicates a planned succession within a key financial role.
Key Highlights
- 1Jeffrey D. Capello is transitioning from CFO to Senior Advisor role, effective December 31, 2013.
- 2Mr. Capello will remain with the company as a Senior Advisor through May 15, 2014.
- 3Mr. Capello's compensation package includes continued base salary, a prorated salary through December 31, 2014, and a 2013 bonus.
- 4Mr. Capello will retain eligibility for certain performance share units from 2012 and 2013 programs.
- 5Daniel J. Brennan is appointed as the new Executive Vice President and CFO, effective January 1, 2014.
- 6Mr. Brennan's compensation includes a $450,000 base salary, annual bonus eligibility, and a $1.5 million equity award.
- 7Mr. Brennan will participate in the company's Executive Retirement Plan and Change in Control Agreement.