8-KLeadership ChangesRegulation FDExhibits & Filings

CENTENE CORP 8-K Report, Executive Changes (Aug 15, 2024)

Filed August 15, 2024For Securities:CNC

Summary

Centene Corporation (CNC) announced on August 15, 2024, a change in its Board of Directors, effective August 9, 2024. The Board has been expanded from 10 to 11 members with the appointment of Thomas Greco. Mr. Greco brings extensive executive leadership experience, having previously served as CEO of Advance Auto Parts, Inc. and CEO of Frito-Lay North America, a division of PepsiCo, Inc. His appointment is intended to leverage his significant operational and strategic expertise. Mr. Greco's background includes a 30-year tenure at PepsiCo in various leadership roles and current board service with Tapestry, Inc. and Sabra Dipping Company LLC. He will participate in the company's standard compensation program for non-employee directors. This appointment appears to be a strategic move to enhance board oversight and governance, with no undisclosed arrangements or related party transactions identified.

Key Highlights

  • 1Centene Corporation (CNC) expanded its Board of Directors from 10 to 11 members.
  • 2Thomas Greco was elected as a new director to fill the vacancy, with his term expiring at the 2025 annual meeting.
  • 3Mr. Greco has significant prior CEO experience at Advance Auto Parts, Inc. (April 2016 - September 2023).
  • 4He also previously served as CEO of Frito-Lay North America (a unit of PepsiCo) from 2011 to 2016.
  • 5Mr. Greco brings 30 years of experience from various roles at PepsiCo.
  • 6He currently serves on the Board of Directors of Tapestry, Inc. and Sabra Dipping Company LLC.
  • 7Mr. Greco will receive compensation under the company's standard non-employee director program.

Frequently Asked Questions

Thomas Greco is a newly elected director to Centene Corporation's Board. He has a substantial executive leadership background, having served as CEO of Advance Auto Parts, Inc. from 2016 to 2023, and as CEO of Frito-Lay North America (a unit of PepsiCo) from 2011 to 2016. He also has 30 years of experience at PepsiCo and currently sits on the boards of Tapestry, Inc. and Sabra Dipping Company LLC.

The Board of Directors was increased in size from 10 to 11 members to accommodate the appointment of Thomas Greco. This suggests a strategic decision to add his expertise to the board.

Mr. Greco was elected as a director with a term expiring at Centene's 2025 annual meeting of stockholders. He will be compensated under the company's standard non-employee director compensation program.

The filing explicitly states there are no arrangements or understandings under which Mr. Greco was elected, no family relationships with current directors or officers, and no disclosed related party transactions in which he was a participant. This indicates a standard board appointment.