Summary
Cardinal Health, Inc. (CAH) has announced a key leadership change via an 8-K filing, appointing Jason M. Hollar as its new Chief Financial Officer (CFO), effective May 12, 2020. Mr. Hollar, previously the CFO of Tenneco Inc., brings extensive financial leadership experience from his prior roles at Tenneco and Sears Holdings Corporation. This transition ensures continuity as David C. Evans will continue as CFO until Mr. Hollar assumes the role. Investors should note the comprehensive compensation package offered to Mr. Hollar, designed to attract and retain his expertise. This includes a significant base salary, target annual and long-term incentive awards, a substantial sign-on bonus, and equity grants to offset forfeited compensation from his previous employer. The filing also includes exhibits such as the offer letter and a news release detailing the appointment, providing transparency on the terms of this important executive hire.
Key Highlights
- 1Appointment of Jason M. Hollar as new Chief Financial Officer (CFO), effective May 12, 2020.
- 2David C. Evans will continue as CFO until May 11, 2020, ensuring a smooth transition.
- 3Mr. Hollar's prior experience includes CFO roles at Tenneco Inc. and Sears Holdings Corporation.
- 4Mr. Hollar's compensation package includes a $700,000 base salary and target annual bonus at 100% of salary.
- 5Significant long-term incentive awards totaling $2,500,000 target value, with $1,000,000 in RSUs and $1,000,000 in PSUs.
- 6Mr. Hollar will receive a $1,550,000 cash sign-on bonus and a $200,000 relocation payment.
- 7The filing was accompanied by a news release dated March 19, 2020, announcing the appointment.