Summary
Cencora, Inc. (formerly AmerisourceBergen Corporation) announced two significant events via this Form 8-K filing. Firstly, on May 11, 2012, the company appointed Tim G. Guttman as its new Senior Vice President and Chief Financial Officer (CFO), effective immediately. Mr. Guttman, who had been serving as Acting CFO since February 2012 and previously as Vice President and Corporate Controller, will receive a base salary of $500,000 and is eligible for a target annual bonus of 100% of his base salary, tied to performance goals. Secondly, on May 10, 2012, the Board of Directors authorized a new $750 million share repurchase program. This follows the completion of a previous repurchase program and highlights the company's ongoing commitment to returning capital to shareholders. In fiscal year 2012 to date, Cencora had already repurchased approximately $500 million of its stock.
Key Highlights
- 1Appointment of Tim G. Guttman as Senior Vice President and Chief Financial Officer, effective immediately.
- 2Mr. Guttman's compensation includes a $500,000 base salary and a target annual bonus of 100% of base salary.
- 3Authorization of a new $750 million share repurchase program by the Board of Directors.
- 4This new program signifies a continued capital return strategy to shareholders.
- 5The company has already repurchased approximately $500 million in stock year-to-date for fiscal year 2012.
- 6The report incorporates by reference news releases detailing both the CFO appointment and the share repurchase program.