8-K/ALeadership Changes

Cencora, Inc. 8-K/A Report, Executive Changes (Nov 19, 2018)

Filed November 19, 2018For Securities:COR

Summary

This 8-K/A filing from Cencora, Inc. (COR) reports on an amendment to previously filed information, specifically concerning executive compensation adjustments following a promotion. The key event is the increase in compensation for Mr. Cleary upon his promotion to Executive Vice President and Chief Financial Officer, effective November 9, 2018. This move signals a recognition of expanded responsibilities and is a standard corporate governance practice following leadership changes. Investors should note the specific details of Mr. Cleary's new compensation package, which includes a raised annual base salary, a significant long-term incentive award target for fiscal year 2019, and a substantial short-term cash incentive bonus opportunity. While no changes were made to his existing employment agreement, his eligibility for general and executive benefits remains in place. This information is crucial for understanding the company's commitment to retaining and incentivizing key financial leadership.

Key Highlights

  • 1Cencora, Inc. (COR) filed an 8-K/A amendment on November 18, 2018, for an event date of November 8, 2018.
  • 2Mr. Cleary was promoted to Executive Vice President and Chief Financial Officer of the Company.
  • 3Effective November 9, 2018, Mr. Cleary's annual base salary increased from $575,000 to $650,000.
  • 4Mr. Cleary's target long-term incentive award for fiscal year 2019 is set at $2.1 million.
  • 5His short-term cash incentive bonus opportunity is 100% of his base salary.
  • 6No changes were made to Mr. Cleary's existing employment agreement in connection with this compensation increase.
  • 7Mr. Cleary will continue to receive existing executive benefits, including financial planning and tax preparation services.

Frequently Asked Questions

The primary purpose of this 8-K/A filing is to report an amendment related to executive compensation, specifically detailing the compensation package for Mr. Cleary following his promotion to Executive Vice President and Chief Financial Officer.

Mr. Cleary's annual base salary increased from $575,000 to $650,000. He also has a target long-term incentive award of $2.1 million for fiscal year 2019 and a short-term cash incentive bonus opportunity equal to 100% of his base salary.

No, at the time of this report, no changes were made to Mr. Cleary's existing employment agreement in connection with the increase in his compensation.

Mr. Cleary will continue to be eligible to participate in the Company’s general benefit plans and certain executive benefits, such as financial planning and tax preparation services, for which he was already eligible.