8-KLeadership ChangesExhibits & Filings

Edwards Lifesciences Corp 8-K Report, Executive Changes (Dec 6, 2013)

Filed December 6, 2013For Securities:EW

Summary

This Form 8-K filing by Edwards Lifesciences Corporation announces a significant executive change: the appointment of Scott B. Ullem as the new Corporate Vice President and Chief Financial Officer (CFO), effective January 2, 2014. Mr. Ullem will succeed Thomas M. Abate, who is retiring after previously announcing his plans to do so. Mr. Ullem brings valuable financial leadership experience from his previous roles, including CFO at Bemis Company Inc. and Managing Director at Banc of America Securities. The filing details Mr. Ullem's compensation package, which includes a base salary of $525,000, an annual incentive bonus opportunity, and substantial equity awards designed to incentivize long-term performance and retention. The appointment marks a transition in the company's financial leadership. Investors will want to pay close attention to how Mr. Ullem's strategic financial management will influence Edwards Lifesciences' future growth and profitability, particularly given the significant equity grants intended to align his interests with shareholders. The transition appears well-planned, with Mr. Abate staying on until his successor is in place, ensuring continuity.

Key Highlights

  • 1Appointment of Scott B. Ullem as new CFO, effective January 2, 2014.
  • 2Mr. Ullem succeeds Thomas M. Abate, who is retiring.
  • 3Mr. Ullem's prior experience includes CFO at Bemis Company Inc. and Managing Director at Banc of America Securities.
  • 4Annual base salary for Mr. Ullem will be $525,000.
  • 5Mr. Ullem has an annual incentive bonus target of $380,000 for 2014.
  • 6Significant equity awards are planned, including a $1,300,000 award in May 2014, a $1,750,000 inducement stock option, and a $3,500,000 restricted stock unit award, all vesting over four years.
  • 7Mr. Ullem will receive a $250,000 signing bonus and specific severance benefits.

Frequently Asked Questions

Scott B. Ullem has been appointed as the new Corporate Vice President and Chief Financial Officer of Edwards Lifesciences, with his tenure commencing on January 2, 2014.

Thomas M. Abate is retiring from his role as CFO, as previously announced in May 2013. He will remain with the company until his successor, Scott B. Ullem, takes office.

Mr. Ullem will receive an annual base salary of $525,000, an annual incentive bonus target of $380,000 for 2014, a $250,000 signing bonus, and substantial equity awards (stock options and restricted stock units) totaling $6,550,000 in grant date fair value, vesting over four years. He will also be eligible for the company's benefit plans and relocation assistance.

The significant equity awards, including the inducement grant and the restricted stock unit award, are designed to incentivize Mr. Ullem's long-term commitment and performance. Their four-year vesting schedule aligns his financial interests with those of Edwards Lifesciences' shareholders, encouraging him to focus on sustained company growth and value creation.