Summary
This 8-K filing announces significant leadership changes within Johnson & Johnson, including the promotion of Joseph Wolk to Executive Vice President and Chief Financial Officer, effective July 1, 2018. Mr. Wolk, who has been with the company since 1998 and most recently served as Vice President of Investor Relations, will succeed Dominic J. Caruso upon his retirement in September 2018. The filing also details Mr. Wolk's new compensation package, including a base salary of $750,000, a target annual bonus of 125% of base salary, and a target long-term incentive of 500% of base salary. Additionally, the report discloses the upcoming retirement of Sandra E. Peterson, Executive Vice President and Group Worldwide Chairman, effective October 1, 2018. Ms. Peterson will receive a comprehensive transition and separation agreement, including severance payments totaling approximately $11.1 million over 52 weeks, continued health insurance subsidies, and pro-rata vesting for certain long-term incentive awards, contingent on performance metrics. The company also issued press releases detailing these changes and other executive committee appointments.
Key Highlights
- 1Joseph Wolk appointed as new Executive Vice President, Chief Financial Officer, effective July 1, 2018.
- 2Mr. Wolk's compensation includes a $750,000 base salary, 125% target annual bonus, and 500% target long-term incentive.
- 3Dominic J. Caruso, current CFO, to retire in September 2018 after 19 years with the company.
- 4Sandra E. Peterson, Executive Vice President and Group Worldwide Chairman, to retire effective October 1, 2018.
- 5Ms. Peterson's separation agreement includes approximately $11.1 million in severance payments over 52 weeks.
- 6Ms. Peterson may receive pro-rata vesting of 2018 long-term incentive awards, subject to performance.
- 7Company issued press releases announcing leadership changes and Executive Committee appointments.