8-KLeadership ChangesRegulation FDExhibits & Filings

CARDINAL HEALTH INC 8-K Report, Executive Changes (Dec 19, 2022)

Filed December 19, 2022For Securities:CAH

Summary

Cardinal Health, Inc. (CAH) announced a significant leadership change in its finance department via an 8-K filing on December 19, 2022. The company has appointed Aaron E. Alt as its new Chief Financial Officer (CFO), effective February 10, 2023. Mr. Alt brings a wealth of experience from his previous roles as CFO at Sysco Corporation and Sally Beauty Holdings, as well as senior operational and financial positions at Target Corporation. This appointment signals a move to strengthen the company's financial leadership with a seasoned executive from the distribution and retail sectors. Investors should note the comprehensive compensation package offered to Mr. Alt, designed to attract and retain top talent. This includes a substantial base salary, performance-based bonuses, long-term incentive awards, a significant sign-on bonus, and relocation assistance. The focus on performance-based incentives and the substantial equity awards suggest a alignment of management's interests with long-term shareholder value creation. Patricia M. English will continue to serve as interim CFO until Mr. Alt's official start date, ensuring a smooth transition.

Key Highlights

  • 1Aaron E. Alt appointed as new Chief Financial Officer (CFO), effective February 10, 2023.
  • 2Mr. Alt brings extensive financial leadership experience from Sysco Corporation, Sally Beauty Holdings, and Target Corporation.
  • 3Patricia M. English will transition from interim CFO to her previous role after February 10, 2023.
  • 4Mr. Alt's compensation package includes an $825,000 base salary, a target annual bonus of 110%, and target long-term incentives of $3,500,000.
  • 5Significant sign-on incentives include a $1,000,000 cash bonus, $2,500,000 in performance share units, and $1,000,000 in time-vesting restricted share units.
  • 6A $250,000 lump sum payment is provided for relocation expenses.
  • 7The appointment was announced via a news release furnished as an exhibit to the 8-K filing.

Frequently Asked Questions

Aaron E. Alt has been appointed as the new Chief Financial Officer (CFO) of Cardinal Health, Inc. He will officially assume the role on February 10, 2023.

Mr. Alt has a strong financial background, having served as Executive Vice President and CFO of Sysco Corporation. Prior to that, he held senior financial and operational roles at Sally Beauty Holdings, Inc. (including President of Sally Beauty Supply) and Target Corporation.

Mr. Alt will receive an annual base salary of $825,000, a target annual bonus of 110% of his salary, and target long-term incentive awards of $3,500,000. He will also receive a $1,000,000 cash sign-on bonus, a $2,500,000 performance share unit grant, a $1,000,000 restricted share unit grant, and a $250,000 relocation payment.

Mr. Alt will succeed Patricia M. English, who has been serving as the interim CFO. Ms. English will continue in her interim role until February 10, 2023, after which she will presumably return to her prior responsibilities, ensuring a smooth handover.