Summary
McKesson Corporation (MCK) filed a Form 8-K on May 28, 2013, to disclose a significant change in its corporate governance structure. The Board of Directors adopted amendments to its Corporate Governance Guidelines, replacing the role of a presiding director with a lead independent director. This change was prompted by feedback from stockholders and the company's commitment to maintaining robust governance practices. Further, the Board has elected Edward A. Mueller to serve as the company's first lead independent director for a two-year term, commencing July 31, 2013, contingent on his continued re-election as a director. Mr. Mueller brings extensive experience from his prior leadership roles at Qwest Communications International Inc. and Williams-Sonoma, Inc., and currently serves on McKesson's Committee on Directors and Corporate Governance and the Compensation Committee. His appointment signifies a move towards enhanced independent oversight and aligns with best practices in corporate governance.
Key Highlights
- 1McKesson Corporation's Board of Directors has adopted amendments to its Corporate Governance Guidelines.
- 2The company is establishing the role of a 'lead independent director' to replace the former 'presiding director'.
- 3This governance change was driven by stockholder feedback and a commitment to sound governance.
- 4Edward A. Mueller has been elected as the company's first lead independent director.
- 5Mr. Mueller's term as lead independent director will be two years, effective July 31, 2013.
- 6His appointment is subject to his continued re-election as a director.
- 7Mr. Mueller possesses significant executive experience from his past leadership roles at Qwest Communications and Williams-Sonoma.