Who is Kenneth E. Washington and what is his background?

Kenneth E. Washington is a seasoned technology executive with extensive experience. He most recently served as the Chief Technology Officer (CTO) of Ford Motor Company, overseeing their global research and technology strategy. Prior to that, he held significant leadership roles at Lockheed Martin in advanced technology and IT, and was Chief Information Officer at Sandia National Laboratories. He holds a doctorate in nuclear engineering from Texas A&M University.

What is the significance of Dr. Washington's appointment to the Board?

Dr. Washington's appointment is significant as it brings deep technological expertise to McKesson's Board. His background in leading technology strategy and innovation at major corporations like Ford is expected to provide valuable insights as McKesson navigates the evolving landscape of the healthcare and pharmaceutical distribution industries, particularly in areas of digital transformation and operational efficiency.

What committees will Dr. Washington serve on?

Dr. Washington has been appointed as a member of McKesson's Compliance Committee and the Finance Committee. This dual role suggests his expertise will be applied to both oversight of the company's adherence to regulations and the strategic financial direction of the corporation.

How will Dr. Washington be compensated for his role as a director?

Dr. Washington will receive compensation in line with McKesson's standard policy for non-employee directors. This includes an annual cash retainer of $80,000 (prorated), $1,500 per meeting of the Compliance Committee, and $1,500 per meeting of the Finance Committee. He will also receive restricted stock units (RSUs) valued at $14,760, prorated based on his start date.

MCK 8-K: Leadership Changes & Regulation FD

Summary

McKesson Corporation (MCK) announced a significant addition to its Board of Directors with the election of Kenneth E. Washington, effective July 1, 2019. Dr. Washington brings a wealth of experience in technology and engineering, previously serving as Chief Technology Officer at Ford Motor Company and holding senior technology roles at Lockheed Martin and Sandia National Laboratories. His appointment, which increases the Board size to ten members, is expected to enhance the company's strategic direction, particularly in areas of technology and innovation. He has also been appointed to the Compliance Committee and the Finance Committee, underscoring the company's focus on governance and financial oversight. Investors should note that Dr. Washington is considered an independent director under NYSE and Board standards, and his compensation will align with the company's standard arrangements for non-employee directors, including an annual cash retainer and meeting fees, as well as restricted stock units. The company has also entered into its standard indemnification agreement with him. The filing also includes a press release from June 17, 2019, detailing this appointment, which is furnished but not deemed 'filed' for certain regulatory purposes.

Key Highlights

1McKesson Corporation has elected Kenneth E. Washington as a new independent director to its Board of Directors, effective July 1, 2019.
2Dr. Washington's extensive background includes serving as Chief Technology Officer (CTO) for Ford Motor Company and prior technology leadership roles at Lockheed Martin and Sandia National Laboratories.
3His appointment increases the size of the Board from nine to ten members.
4Dr. Washington has been appointed to serve on the Board's Compliance Committee and Finance Committee.
5The company will compensate Dr. Washington with an annual cash retainer, meeting fees, and restricted stock units (RSUs) under its standard non-employee director compensation program.
6Dr. Washington's appointment is intended to bolster the company's technological strategy and governance.

MCKESSON CORP 8-K Report, Executive Changes (Jun 17, 2019)

Summary

Key Highlights

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