Summary
Boston Scientific Corporation (BSX) filed an 8-K report on December 16, 2013, primarily detailing a change to its Board of Directors. Effective January 1, 2014, the Board size was increased from ten to eleven directors, with the appointment of David Roux. Mr. Roux's appointment fills a newly created vacancy and he will serve until the next annual stockholders' meeting. This announcement is significant for investors as it indicates potential strategic direction or enhanced governance oversight with the addition of a new board member. Investors should note that Mr. Roux will receive standard director compensation, including a prorated cash retainer and a restricted stock grant, the value of which is tied to the company's stock price on February 3, 2014. The company also plans to enter into an indemnification agreement with Mr. Roux, which is standard practice for board members.
Key Highlights
- 1Boston Scientific increased its Board of Directors from ten to eleven members.
- 2David Roux was appointed as a new director, effective January 1, 2014.
- 3Mr. Roux will serve as a director until the company's 2014 annual meeting of stockholders.
- 4The appointment is intended to fill a vacancy created by the board expansion.
- 5Mr. Roux will receive standard non-employee director compensation, including a prorated cash retainer and restricted stock grant.
- 6The value of the restricted stock grant for Mr. Roux is $59,500, with the number of shares determined by the stock price on February 3, 2014.
- 7The company will enter into a standard indemnification agreement with Mr. Roux.