8-KLeadership ChangesRegulation FDExhibits & Filings

BOSTON SCIENTIFIC CORP 8-K Report, Executive Changes (Jul 30, 2024)

Filed July 30, 2024For Securities:BSX

Summary

Boston Scientific Corporation (BSX) announced a change to its Board of Directors, appointing David C. Habiger as a new director, effective July 30, 2024. This appointment increases the size of the Board from ten to eleven members. Mr. Habiger has also been assigned to serve on the Audit Committee and the Executive Compensation and Human Resources Committee, indicating his immediate integration into key governance functions. Mr. Habiger's compensation for his directorship will align with the company's standard non-employee director program, involving a prorated cash retainer and an equity award. The company has also stated its intention to enter into a standard indemnification agreement with him. This move suggests a strategic expansion of the board's expertise, though no undisclosed related-party transactions or specific arrangements for his appointment were noted.

Key Highlights

  • 1Appointment of David C. Habiger to the Board of Directors, increasing board size to eleven.
  • 2Mr. Habiger appointed to serve on the Audit Committee and the Executive Compensation and Human Resources Committee.
  • 3Standard non-employee director compensation will be provided to Mr. Habiger, prorated for his term.
  • 4Compensation includes a cash retainer of approximately $94,175 and an equity award valued at approximately $161,981.
  • 5The company will enter into a standard indemnification agreement with the new director.
  • 6Mr. Habiger has no undisclosed material interests in transactions with the company.

Frequently Asked Questions

David C. Habiger has been appointed as a new director to the Boston Scientific Corporation Board. While the filing does not detail his specific background or the exact reasons for his appointment, his immediate placement on the Audit Committee and the Executive Compensation and Human Resources Committee suggests his expertise is valued in areas of financial oversight and executive compensation strategy.

Mr. Habiger will receive compensation in line with Boston Scientific's non-employee director compensation program. This includes a prorated cash retainer of approximately $94,175 and a prorated equity award valued at approximately $161,981. The actual equity grant will be determined on August 1, 2024, and will vest at the end of his term.

The appointment itself, while adding expertise to the board and specific committees (Audit and Executive Compensation), does not inherently signal an immediate change in strategic direction or financial reporting. It is a governance enhancement, bringing in new perspectives, and the company has stated there are no undisclosed arrangements or material interests associated with his appointment.