01—Abstract
Summary
Summary of the 8-K filed April 23, 2025. Cited figures are marked; the original filing is the authoritative source.
Boston Scientific (BSX) announced on April 23, 2025 that Chief Financial Officer Daniel J.
Brennan will retire, with his CFO role ending June 29, 2025. He will then serve as a senior advisor through October 3, 2025, at his current $880,000a base salary, prorated. Jonathan (Jon) Monson, currently SVP of Investor Relations and a 25+ year company veteran who previously served as Global Controller and Chief Accounting Officer, will be promoted to Executive Vice President and CFO effective June 30, 2025.
He reports to Chairman and CEO Mike Mahoney and joins the Executive Committee. For investors, this is a planned, orderly succession rather than a departure driven by disagreement or performance concerns. The company emphasized Brennan's nearly 30-year tenure and his role in shaping BSX's financial performance since he became CFO in 2014, and both executives are described as working together on a smooth handover.
Monson's compensation package is a $700,000b base salary, an 80% target incentive, a $1.75 million promotional equity award vesting 25% annually, and standard executive retirement and change-in-control protections. These terms are consistent with a senior executive role and are not described as unusually large.
Monson's background in controllership, accounting, and investor relations gives him deep familiarity with the company's reporting and investor communications. The filing does not disclose any change to financial guidance or strategy, so the main near-term items to monitor are continuity in investor communications and the handover during the June-to-October transition period.
02—Key points
Key Highlights
- CFO Daniel J. Brennan will retire, leaving the CFO role effective June 29, 2025, after nearly 30 years with the company.
- Brennan will remain as senior advisor through October 3, 2025, with base salary of $880,000 prorated through his Retirement Date.
- Jonathan Monson, SVP Investor Relations, will be promoted to EVP and CFO effective June 30, 2025, reporting to CEO Mike Mahoney.
- Monson's offer terms include a $700,000 base salary, an 80% target incentive percentage, and a $1.75 million promotional equity award vesting 25% annually from the first anniversary.
- Monson's responsibilities expand to include global controllership, internal audit, corporate finance, treasury, corporate tax, investor relations, and corporate business development, plus Finance talent development.
- Monson has deep internal experience, including five years as Global Controller and CAO and prior service as Urology Controller, and is a CPA.
- The filing reports a planned succession and does not disclose any change to financial guidance, strategy, or reported results.
03—Questions
Frequently Asked Questions
Why is Boston Scientific's CFO leaving?
The company says Daniel Brennan elected to retire after nearly 30 years with Boston Scientific. The filing does not describe any disagreement, performance issue, or regulatory matter as a reason for the departure.
Who is replacing the CFO and what is their background?
Jonathan Monson, currently SVP of Investor Relations, will succeed Brennan. He joined the company in 1999, previously served as Global Controller and Chief Accounting Officer from 2019 to 2024, and led Urology finance as Vice President and Controller. He is a certified public accountant and was a senior auditor at Arthur Andersen before joining BSX.
When does the transition take effect?
Brennan's CFO role ends June 29, 2025, and Monson becomes EVP and CFO on June 30, 2025. Brennan will then serve as a senior advisor through October 3, 2025, or an earlier Retirement Date.
How is Monson being compensated in the new role?
Monson will receive a $700,000 annual base salary, an 80% target annual incentive, eligibility to defer up to 75% of his annual bonus, and a promotional equity award with a $1.75 million grant date value. The equity will be options, RSUs, or a mix, vesting 25% per year starting on the first anniversary of grant. He also gets Executive Retirement Plan and change-in-control eligibility.
Does this change affect Boston Scientific's financial outlook?
The filing does not discuss financial guidance or results changes. The announcement focuses on leadership succession, and the forward-looking statements caution that actual results may differ from expectations. Investors should watch for continuity in investor communications and guidance during the transition.
04—Continue