Who is the new CEO of Gilead Sciences and when does he start?

Daniel O’Day has been appointed as the new Chief Executive Officer of Gilead Sciences. He is expected to join the company on March 1, 2019.

What is Daniel O’Day's background?

Mr. O’Day is currently the Chief Executive Officer of Roche Pharmaceuticals, a division of the Roche Group, a position he has held since 2012. He has a long history with Roche, having previously led Roche Diagnostics and held various leadership roles across different regions since 1987.

What is the compensation package for Daniel O’Day?

Mr. O’Day's compensation includes an annual base salary of $1,600,000, a target annual bonus of 150% of base salary, and significant initial equity awards valued at $12,000,000 for 2019 (comprising stock options, restricted stock units, and performance-based RSUs). He also receives substantial 'make-whole' awards and payments totaling approximately $14.925 million, plus relocation benefits and deferred compensation contributions, to compensate for foregone compensation and benefits from his previous employer.

Who will lead Gilead between the departure of the current CEO and the arrival of the new CEO?

Gregg Alton has been appointed as the interim Chief Executive Officer of Gilead. He will serve in this capacity from January 1, 2019, until Daniel O’Day officially begins his role on March 1, 2019.

GILD 8-K: Leadership Changes

Summary

Gilead Sciences, Inc. (GILD) has announced a significant leadership transition through an 8-K filing on December 10, 2018. The most crucial update is the appointment of Daniel O’Day as the new Chief Executive Officer, effective March 1, 2019. Mr. O’Day, currently CEO of Roche Pharmaceuticals, brings extensive experience from his tenure at Roche. He will also assume the role of Chairman of the Board, succeeding John C. Martin who will resign upon Mr. O'Day's start date. This appointment marks a new era for Gilead's executive leadership as it navigates the future of the biopharmaceutical industry.

Key Highlights

1Appointment of Daniel O’Day as Chief Executive Officer, effective March 1, 2019.
2Daniel O’Day will also serve as Chairman of the Board.
3Current CEO John F. Milligan to step down on December 31, 2018.
4Current Chairman John C. Martin to resign from the Board effective March 1, 2019.
5Gregg Alton appointed Interim CEO from January 1, 2019, until Mr. O’Day's start date.
6Details of Daniel O’Day's compensation package, including base salary, target bonus, and substantial equity awards (stock options, RSUs, performance-based RSUs).
7Significant "Make-Whole" provisions for Mr. O'Day, including restricted stock units, a cash payment, and deferred compensation contributions, to offset compensation forgone from his previous employer.

GILEAD SCIENCES, INC. 8-K Report, Executive Changes (Dec 10, 2018)

Summary

Key Highlights

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