8-KLeadership ChangesRegulation FDExhibits & Filings

MCKESSON CORP 8-K Report, Executive Changes (Mar 5, 2014)

Filed March 5, 2014For Securities:MCK

Summary

McKesson Corporation (MCK) announced a significant addition to its Board of Directors, appointing N. Anthony Coles, M.D., effective April 29, 2014. This move expands the Board from nine to ten members and brings a wealth of experience from the biopharmaceutical and pharmaceutical industries, including his previous roles as CEO of Onyx Pharmaceuticals and leadership positions at NPS Pharmaceuticals, Merck, Bristol-Myers Squibb, and Vertex Pharmaceuticals. Dr. Coles has been deemed independent and will serve on the Compensation and Finance Committees. His appointment is in line with McKesson's standard director compensation practices, which include prorated restricted stock units (RSUs) with a grant date value of $37,500. This strategic addition of experienced leadership signals a continued focus on governance and potentially strategic growth within the healthcare sector.

Key Highlights

  • 1N. Anthony Coles, M.D., appointed as a new independent director to the Board, effective April 29, 2014.
  • 2Board size increased from nine to ten members.
  • 3Dr. Coles brings extensive executive experience from the biopharmaceutical and pharmaceutical sectors, including CEO roles at Onyx Pharmaceuticals and NPS Pharmaceuticals.
  • 4Dr. Coles appointed to serve on the Compensation Committee and the Finance Committee.
  • 5The company confirmed Dr. Coles meets director independence requirements.
  • 6Dr. Coles will receive standard non-employee director compensation, including prorated restricted stock units (RSUs) valued at $37,500.
  • 7The appointment was announced via a press release on March 5, 2014.

Frequently Asked Questions

Dr. N. Anthony Coles is a seasoned executive with extensive experience in the biopharmaceutical and pharmaceutical industries. He previously served as President, CEO, and Chairman of Onyx Pharmaceuticals and held various leadership roles at NPS Pharmaceuticals, Merck & Co., Bristol-Myers Squibb Company, and Vertex Pharmaceuticals Incorporated.

Dr. Coles' appointment increases the size of McKesson's Board of Directors from nine to ten members. He has been deemed an independent director and will contribute to the Board by serving on the Compensation Committee and the Finance Committee.

Dr. Coles will receive compensation in accordance with McKesson's standard arrangement for non-employee directors. This includes a prorated grant of restricted stock units (RSUs) with a value of $37,500, based on the company's stock price on the grant date, which is expected to be May 6, 2014, or the opening of the next trading window after the Q4 FY14 earnings release.

The filing states that there were no arrangements or understandings between Dr. Coles and any other persons concerning his selection as a director, and there are no related party transactions between Dr. Coles and McKesson Corporation. He has also executed the company's standard form of Indemnification Agreement.