Summary
Cardinal Health, Inc. (CAH) announced a significant executive appointment in an 8-K filing dated May 17, 2005. Effective May 31, 2005, Eric R. Slusser was appointed Senior Vice President–Finance, Chief Accounting Officer, and Controller. He will succeed Jeffrey W. Henderson, the Executive Vice President and Chief Financial Officer, in the principal accounting officer role. Mr. Slusser's compensation package includes a base salary of $365,000, a $75,000 hiring bonus, and eligibility for the Management Incentive Program with a target of 65% of his base salary. He will also receive equity awards, including stock options for 39,200 shares and 6,700 Restricted Share Units (RSUs), both vesting over several years. The filing also details severance provisions and participation in standard employee benefit plans. This appointment signals a key change in the company's financial leadership.
Key Highlights
- 1Appointment of Eric R. Slusser as Senior Vice President–Finance, Chief Accounting Officer, and Controller, effective May 31, 2005.
- 2Mr. Slusser will assume the role of the Company's principal accounting officer, succeeding Jeffrey W. Henderson.
- 3Annual base salary for Mr. Slusser set at $365,000.
- 4Hiring bonus of $75,000 provided, with a one-year repayment clause if voluntarily terminated.
- 5Eligibility for a Management Incentive Program with a target of 65% of base salary, with guaranteed prorated bonus for FY2005 and 50% guaranteed for FY2006.
- 6Equity awards include stock options for 39,200 shares and 6,700 RSUs, with multi-year vesting schedules.
- 7Severance package includes six months of base salary if employment is terminated involuntarily without cause within the first 12 months.