8-KLeadership ChangesExhibits & Filings

GE HealthCare Technologies Inc. 8-K Report, Executive Changes (May 9, 2023)

Filed May 9, 2023For Securities:GEHC

Summary

GE HealthCare Technologies Inc. (GEHC) announced a significant leadership change in its finance department via an 8-K filing on May 9, 2023. Effective June 1, 2023, James K. (Jay) Saccaro will assume the role of Vice President and Chief Financial Officer, succeeding Helmut Zodl. Mr. Saccaro brings extensive financial leadership experience, having previously served as CFO for Baxter International Inc. and holding various senior finance roles at Baxter and Hill-Rom Holdings. This transition marks an important step in the company's ongoing operational and financial management. Mr. Saccaro's compensation package is detailed, including a base salary of $875,000, a target annual bonus of 100% of base salary, and a significant long-term incentive (LTI) award with a target grant date value of $3,800,000. The compensation also includes substantial sign-on awards and a potential make-whole payment to compensate for forfeited incentives from his previous employer, reflecting the company's strategy to attract and retain top executive talent. Mr. Zodl will transition to a new role as Global Vice President, Special Projects and TSA Separation, with no changes to his compensation arrangements.

Key Highlights

  • 1Key Executive Transition: Jay Saccaro appointed as the new Vice President and Chief Financial Officer, effective June 1, 2023.
  • 2Experienced CFO Hire: Saccaro brings substantial financial leadership experience, including his tenure as CFO at Baxter International.
  • 3Compensation Structure: Saccaro's compensation includes a base salary of $875,000, target annual bonus of 100% of base, and a substantial LTI target of $3,800,000.
  • 4Significant Sign-on and LTI Awards: Saccaro receives substantial sign-on equity awards ($3,500,000) and a contingent make-whole award (up to $3,000,000) to offset forfeited compensation from his previous role.
  • 5Leadership Continuity: Helmut Zodl transitions from CFO to Global Vice President, Special Projects and TSA Separation, with no change in compensation.
  • 6Focus on Long-Term Incentives: A significant portion of Saccaro's compensation is tied to long-term performance and equity, aligning his interests with shareholders.

Frequently Asked Questions

James K. (Jay) Saccaro has been appointed as the new Vice President and Chief Financial Officer of GE HealthCare, with his appointment effective June 1, 2023.

The new CFO, Jay Saccaro, has an offer letter that includes an annual base salary of $875,000, a target annual bonus opportunity of 100% of his base salary, and a target annual long-term incentive (LTI) award with a grant date value of $3,800,000. He also receives significant sign-on awards and potential make-whole payments.

Helmut Zodl will transition from his role as Chief Financial Officer to become the Global Vice President, Special Projects and TSA Separation, effective June 1, 2023. His compensation arrangements will remain unchanged in connection with this transition.

The substantial sign-on and make-whole awards are intended to compensate Mr. Saccaro for specific compensation he will forfeit from his prior employer, Baxter International Inc. This includes forfeited long-term incentives and vested stock options, ensuring GE HealthCare can attract and retain top executive talent.