8-KLeadership ChangesExhibits & Filings

GILEAD SCIENCES, INC. 8-K Report, Executive Changes (Oct 22, 2007)

Filed October 22, 2007For Securities:GILD

Summary

Gilead Sciences, Inc. (GILD) filed an 8-K report on October 22, 2007, primarily announcing the appointment of Caroline Dorsa as its new Chief Financial Officer (CFO). Ms. Dorsa's appointment, effective November 5, 2007, marks a significant addition to the executive team, bringing extensive financial experience from her previous roles at Avaya, Inc. and notably, a 20-year tenure at Merck & Co., Inc. where she held significant responsibilities including Treasurer, tax, portfolio management, and investor relations. This filing details Ms. Dorsa's comprehensive compensation package, including a base salary of $500,000, a target bonus, a $250,000 signing bonus, and significant equity awards in the form of stock options and performance-based restricted stock units. The company has also provided a substantial relocation package and outlined repayment obligations for the signing bonus and relocation assistance under certain termination conditions within the first two years of employment. This executive transition is a key event for investors to monitor for its potential impact on financial strategy and execution.

Key Highlights

  • 1Gilead Sciences appointed Caroline Dorsa as Chief Financial Officer, effective November 5, 2007.
  • 2Ms. Dorsa brings 20 years of experience from Merck & Co., Inc., where she served as Vice President and Treasurer.
  • 3John F. Milligan, Ph.D. (COO) will no longer serve as interim CFO but will continue as COO.
  • 4Ms. Dorsa's compensation includes a $500,000 annual base salary and a target bonus of 40% of base salary.
  • 5She will receive a $250,000 signing bonus.
  • 6Equity awards include options for 100,000 shares and 24,000 performance-based restricted stock units.
  • 7A significant relocation package and specific repayment terms for the signing bonus and relocation assistance are detailed.

Frequently Asked Questions

Caroline Dorsa has been appointed as the new Chief Financial Officer of Gilead Sciences, Inc. Her appointment is effective November 5, 2007.

Caroline Dorsa has extensive financial experience, most recently serving as Senior Vice President and CFO at Avaya, Inc. Prior to that, she spent 20 years at Merck & Co., Inc., holding positions including Vice President and Treasurer, where she was responsible for treasury, tax, portfolio management, and investor relations.

Ms. Dorsa will receive an annual base salary of $500,000, be eligible for the Corporate Bonus Plan with a target of 40% of base salary, a $250,000 signing bonus, stock options for 100,000 shares, and 24,000 performance-based restricted stock units. She will also receive a relocation package.

John F. Milligan, Ph.D., who had been serving as interim CFO, will continue in his role as Chief Operating Officer. He will no longer hold the interim CFO position.