Summary
This 8-K filing from Cardinal Health, Inc. (CAH) primarily announces a change in the Board of Directors and updates policies regarding executive aircraft usage. Effective August 1, 2007, Gregory B. Kenny, Chairman and CEO of General Cable Corporation, will join the Board. He will receive standard non-management director compensation, including equity awards vesting after one year. This expansion of the Board suggests potential strategic considerations or a desire for diverse leadership experience. Furthermore, the filing details a new policy concerning the personal use of corporate aircraft by CEO R. Kerry Clark and Executive Chairman Robert D. Walter. While their spouses and dependent children can continue to travel with them at no cost, reimbursement will now be required for guests other than immediate family, based on specified cost calculations. This policy change aims to ensure fair allocation of corporate resources and compliance with aviation regulations.
Key Highlights
- 1Cardinal Health elected Gregory B. Kenny to its Board of Directors, effective August 1, 2007.
- 2Mr. Kenny, currently Chairman and CEO of General Cable Corporation, will serve until the 2007 annual shareholder meeting.
- 3Mr. Kenny will receive standard non-management director compensation, including an option grant and restricted share units, both vesting in August 2008.
- 4The company will enter into a standard indemnification agreement with Mr. Kenny.
- 5A new Aircraft Time Sharing Agreement has been approved for CEO R. Kerry Clark and Executive Chairman Robert D. Walter.
- 6This agreement requires reimbursement for personal use of corporate aircraft by guests (excluding spouses and dependent children).
- 7Reimbursement rates for personal aircraft use by guests are based on specified costs, up to FAA maximums.