8-KLeadership ChangesExhibits & Filings

ELI LILLY & Co 8-K Report, Executive Changes (Nov 19, 2024)

Filed November 19, 2024For Securities:LLY

Summary

Eli Lilly and Company (LLY) announced changes to its Board of Directors via an 8-K filing on November 19, 2024. The most significant development for investors is the appointment of Jon Moeller, the current Chairman, President, and CEO of Procter & Gamble, as a new independent director to the LLY Board, effective December 1, 2024. Mr. Moeller brings extensive experience from over two decades in finance, business, and strategy at P&G and will serve on the Audit Committee and the Directors and Corporate Governance Committee. Concurrently, the filing notes the resignation of Karen Walker from the Board, effective December 31, 2024. Ms. Walker, who has served since 2018, is expected to collaborate with the Company on digital commercial activities starting in 2025. Her resignation is confirmed not to be due to any disagreements regarding the Company's operations, policies, or practices. These board changes signal a strategic enrichment of the board's expertise with Mr. Moeller's appointment.

Key Highlights

  • 1Jon Moeller, Chairman, President & CEO of Procter & Gamble, appointed as a new independent director to Eli Lilly's Board, effective December 1, 2024.
  • 2Mr. Moeller will serve on the Board's Audit Committee and Directors and Corporate Governance Committee.
  • 3Karen Walker has resigned from the Board, effective December 31, 2024.
  • 4Ms. Walker's resignation is stated to be without disagreement regarding the Company's operations, policies, or practices.
  • 5Ms. Walker is expected to engage with Eli Lilly on digital commercial activities starting in 2025.
  • 6The appointment of Mr. Moeller is expected to enhance the Board's strategic and operational oversight.

Frequently Asked Questions

Jon Moeller is the current Chairman, President, and CEO of Procter & Gamble, a major consumer goods company. His appointment to Eli Lilly's Board of Directors is significant as it brings over two decades of executive leadership experience in finance, business, and strategy from a large, publicly traded corporation. His expertise is expected to contribute to the Board's oversight, particularly in areas like audit and corporate governance.

The filing explicitly states that Ms. Walker's decision to resign from the Board did not arise from any disagreement with the Company on any matter relating to its operations, policies, or practices. She is expected to continue collaborating with Eli Lilly on certain digital commercial activities starting in 2025.

The filing indicates that Mr. Moeller will participate in Eli Lilly's standard director compensation program, as detailed in the Company's Definitive Proxy Statement. There are no special arrangements mentioned for his appointment.

Yes, the Board has determined that Mr. Moeller meets the independence standards required by the New York Stock Exchange and Eli Lilly's own director independence guidelines. He has no undisclosed arrangements or understandings with any party concerning his selection as a director.