Summary
Cardinal Health, Inc. (CAH) announced a change to its Board of Directors with the election of Carrie S. Cox. Ms. Cox brings significant experience from her previous role as Executive Vice President and President, Global Pharmaceuticals at Schering-Plough, a position she held until its merger with Merck & Co., Inc. Her appointment is effective as of December 1, 2009, and she will serve until the 2010 Annual Meeting. This addition to the board could signal a continued focus on strategic direction within the pharmaceutical sector. Investors should note that Ms. Cox will be compensated according to the company's standard non-management director arrangements, which include an initial grant of restricted share units (RSUs) valued at $120,000, vesting in one year. The filing also discloses historical business dealings between Cardinal Health and Schering-Plough, totaling approximately $3.1 billion in product payments in the 2009 fiscal year, indicating an existing business relationship that may be relevant to understand her potential contributions and perspective.
Key Highlights
- 1Election of Carrie S. Cox to the Board of Directors, effective December 1, 2009.
- 2Ms. Cox previously served as EVP and President, Global Pharmaceuticals at Schering-Plough.
- 3Ms. Cox's tenure on the board will extend until the Company's 2010 Annual Meeting.
- 4Ms. Cox will receive standard non-management director compensation, including $120,000 in restricted share units (RSUs) that vest in one year.
- 5Cardinal Health made significant payments to Schering-Plough and the Merck/Schering-Plough Cholesterol Joint Venture during the 2009 fiscal year, totaling approximately $1.6 billion and $1.5 billion, respectively.
- 6The company will enter into a standard directors' indemnification agreement with Ms. Cox.