Summary
Cardinal Health Inc. (CAH) announced significant leadership changes and board appointments via an 8-K filing on August 7, 2019. The company has appointed David C. Evans as interim Chief Financial Officer (CFO), effective September 1, 2019. Mr. Evans brings extensive financial leadership experience, having previously served as CFO for Battelle Memorial Institute. This appointment comes as Michael C. Kaufmann transitions from his interim CFO role to continue as Chief Executive Officer. The terms of Mr. Evans' interim role include an annualized compensation of $2,640,000 for a minimum of five months, with no participation in annual bonus, equity, or severance plans. In addition to the CFO change, the Board of Directors has elected two new independent directors, Dean A. Scarborough and John H. Weiland, effective September 1, 2019. Both will serve on the Audit Committee. Mr. Scarborough is the retired Chairman and CEO of Avery Dennison, and Mr. Weiland is the retired President and COO of C. R. Bard. These appointments reflect a strengthening of the board's governance and financial oversight capabilities.
Key Highlights
- 1David C. Evans appointed interim Chief Financial Officer (CFO), effective September 1, 2019.
- 2Michael C. Kaufmann to transition from interim CFO role, continuing as CEO.
- 3Mr. Evans' interim CFO role compensation is $2,640,000 annually for a minimum of five months.
- 4Interim CFO will not participate in annual bonus, equity award programs, or the Senior Executive Severance Plan.
- 5Dean A. Scarborough and John H. Weiland elected as new independent directors to the Board, effective September 1, 2019.
- 6Both new directors appointed to serve on the Audit Committee.
- 7Mr. Scarborough is former Chairman and CEO of Avery Dennison; Mr. Weiland is former President and COO of C. R. Bard.