8-KLeadership ChangesExhibits & Filings

BOSTON SCIENTIFIC CORP 8-K Report, Executive Changes (Jun 8, 2020)

Filed June 8, 2020For Securities:BSX

Summary

Boston Scientific Corporation (BSX) announced a significant leadership transition within its Interventional Cardiology and Rhythm Management divisions through an 8-K filing on June 7, 2020. Kevin J. Ballinger, the current executive vice president and president of Interventional Cardiology, is set to resign effective July 3, 2020, to pursue a CEO role at a non-competing firm. This departure triggers a series of internal role changes aimed at ensuring continuity and leveraging existing talent within the company. Joseph M. Fitzgerald, previously leading Rhythm Management, will assume Mr. Ballinger's responsibilities in Interventional Cardiology, effective July 6, 2020. Complementing this, Scott Olson, currently senior vice president, commercial general manager of Rhythm Management, has been promoted to senior vice president and president of Rhythm Management. Importantly, Mr. Olson will also join Boston Scientific's Executive Committee, signifying increased leadership scope. In connection with his new role, Mr. Fitzgerald will receive stock options valued at $1.0 million, vesting in January 2023, underscoring the company's commitment to aligning executive incentives with long-term performance.

Key Highlights

  • 1Kevin J. Ballinger, EVP and President of Interventional Cardiology, will resign effective July 3, 2020.
  • 2Joseph M. Fitzgerald, currently EVP and President of Rhythm Management, will transition to EVP and President of Interventional Cardiology.
  • 3Scott Olson, currently SVP, Commercial General Manager of Rhythm Management, will be appointed SVP and President of Rhythm Management.
  • 4Scott Olson will also join Boston Scientific's Executive Committee, effective July 6, 2020.
  • 5Joseph M. Fitzgerald will receive a stock option grant valued at $1.0 million upon assuming his new role, vesting in full on January 1, 2023.
  • 6The changes are part of a planned leadership transition, with Mr. Ballinger leaving to become CEO of another company.

Frequently Asked Questions

Kevin J. Ballinger is resigning to accept a Chief Executive Officer position at another company that does not compete with Boston Scientific. His resignation is effective July 3, 2020.

Joseph M. Fitzgerald will move from President of Rhythm Management to President of Interventional Cardiology. Scott Olson will be promoted from SVP, Commercial General Manager of Rhythm Management to President of Rhythm Management and will also join the Executive Committee.

Yes, in connection with his appointment as executive vice president and president, Interventional Cardiology, Joseph M. Fitzgerald will receive a grant of options to purchase Boston Scientific's common stock with an aggregate value of $1.0 million on the grant date. These options will vest in full on January 1, 2023.

Scott Olson's appointment to the Executive Committee indicates an expansion of his leadership responsibilities and signifies his elevation to a key strategic decision-making role within Boston Scientific.