Summary
McKesson Corporation (MCK) announced a significant executive change via an 8-K filing on June 24, 2013. The company's Executive Vice President and Chief Financial Officer, Jeffrey C. Campbell, resigned from his position, effective June 28, 2013. Mr. Campbell is transitioning to become the new CFO of American Express Company. This leadership change, while impactful, appears to be a planned move for Mr. Campbell's career advancement. Investors should note that the company has appointed an interim CFO to ensure continuity during the search for a permanent successor. Nigel A. Rees, the company's Vice President and Controller, has been named interim CFO. Mr. Rees brings extensive financial experience, having been with McKesson since 2001 and holding various senior finance roles at other notable companies prior to that. His compensation package for the interim role has been detailed, including base salary, bonus targets, and long-term incentive awards. While this filing primarily addresses the CFO transition, it also serves as notification of this executive departure and the interim appointment.
Key Highlights
- 1CFO Jeffrey C. Campbell resigned, effective June 28, 2013, to join American Express.
- 2Nigel A. Rees appointed as interim Chief Financial Officer.
- 3Mr. Rees has significant experience within McKesson and in prior financial leadership roles.
- 4Details of Mr. Rees's interim compensation package are provided.
- 5The filing serves as an official notification of the executive departure and interim appointment.
- 6The company has initiated the process to find a permanent CFO successor.