8-KLeadership ChangesExhibits & Filings

Cencora, Inc. 8-K Report, Executive Changes (Nov 13, 2018)

Filed November 13, 2018For Securities:COR

Summary

Cencora, Inc. (formerly AmerisourceBergen Corporation) announced a significant leadership change in its finance department through an 8-K filing on November 12, 2018. Tim G. Guttman retired as Executive Vice President and Chief Financial Officer (CFO) effective November 9, 2018. Mr. Guttman will remain with the company through fiscal year 2019 under a transition agreement, receiving a compensation package of $1.21 million, including salary continuation and a lump sum payment, to ensure a smooth handover. James F. Cleary, Jr. has been appointed as the successor CFO. Mr. Cleary, with extensive experience within the company, including his prior role as Group President of Global Commercialization Services & Animal Health, brings a deep understanding of Cencora's operations. His compensation package includes a base salary of $575,000 and eligibility for a target cash bonus of 100% of his base salary, contingent upon achieving specified performance goals for fiscal year 2019. The company stated that no new specific compensation arrangements were made with Mr. Cleary in connection with his promotion at the time of the filing.

Key Highlights

  • 1Tim G. Guttman retired as EVP and CFO, effective November 9, 2018.
  • 2James F. Cleary, Jr. appointed as the new EVP and CFO.
  • 3Mr. Guttman will stay with the company through fiscal 2019 under a transition agreement.
  • 4Mr. Guttman's transition package is valued at $1.21 million.
  • 5Mr. Cleary's base salary as CFO is $575,000.
  • 6Mr. Cleary is eligible for a target annual bonus of 100% of his base salary.
  • 7Mr. Cleary has a history of senior leadership roles within Cencora/AmerisourceBergen.

Frequently Asked Questions

This 8-K filing primarily announces the retirement of Tim G. Guttman as Chief Financial Officer and the appointment of James F. Cleary, Jr. as his successor. It also details the terms of Mr. Guttman's transition agreement and provides information on Mr. Cleary's compensation.

Mr. Guttman is eligible to receive $1.21 million as part of his transition agreement, which includes salary continuation and a lump sum payment. This is intended to facilitate his departure and ensure continuity through fiscal year 2019.

Mr. Cleary's current base salary is $575,000. He is also eligible to receive a target cash bonus of 100% of his base salary, provided that specified performance goals for fiscal year 2019 are met, in accordance with the company's Annual Incentive Plan.

Yes, James F. Cleary, Jr. has significant experience with the company. He joined in March 2015 and has held several senior leadership positions, including Group President, Global Commercialization Services & Animal Health, and President of MWI Veterinary Supply. Prior to joining, he was President and CEO of MWI Veterinary Supply.