Summary
This Form 8-K filing by DexCom, Inc. (DXCM) primarily announces the appointment of Quentin S. Blackford as the new Chief Financial Officer (CFO), effective September 1, 2017. Mr. Blackford brings extensive financial and strategic leadership experience from his previous roles, most notably as CFO and EVP at NuVasive, Inc. This appointment signals a key leadership change and a focus on strengthening the company's financial operations. The filing also references the company's financial results for the quarter ended June 30, 2017, as detailed in an accompanying press release furnished with this report, and mentions the availability of a supplemental business and financial information presentation on their investor website.
Key Highlights
- 1Appointment of Quentin S. Blackford as Chief Financial Officer (CFO), effective September 1, 2017.
- 2Mr. Blackford has a strong financial background, including prior CFO roles at NuVasive, Inc.
- 3Kevin Sun will return to his previous role as Vice President, Finance, after serving as Interim CFO.
- 4Mr. Blackford's compensation package includes a $450,000 base salary, eligibility for an annual cash performance bonus, and a significant restricted stock unit (RSU) grant valued at $4.5 million.
- 5The RSU grant vests over approximately four years, subject to continued employment.
- 6A sign-on bonus of $150,000 is also provided to Mr. Blackford, with clawback provisions based on tenure.
- 7The company will provide a supplemental business and financial information presentation on its investor website, including historical revenue breakdowns.
Frequently Asked Questions
Quentin S. Blackford has been appointed as the new Chief Financial Officer (CFO) of DexCom, effective September 1, 2017. He will also serve as the principal financial officer and principal accounting officer upon appointment by the Board.
Quentin S. Blackford will receive an annual base salary of $450,000, be eligible for an annual cash performance bonus targeted at 75% of his base salary (pro-rated for nine months in 2017), and will receive a $4.5 million restricted stock unit (RSU) grant. He will also receive a $150,000 sign-on bonus.
The $4.5 million RSU grant will vest 25% on the first day of the 13th month after the grant date, and the remaining 75% will vest in three equal annual installments thereafter, subject to continued employment.
The company announced its financial results for the quarter ended June 30, 2017, in a press release furnished as Exhibit 99.01 to this Form 8-K. Additionally, a supplemental presentation with further business and financial information will be available on DexCom's investor relations website.