Summary
McKesson Corporation announced a leadership change involving Bansi Nagji, Executive Vice President and Chief Strategy and Business Development Officer, who will be stepping down as an executive officer effective March 31, 2020. Mr. Nagji will remain with the company for a transitional period to ensure a smooth handover of his responsibilities. This departure comes in the context of McKesson's headquarters relocation from San Francisco to Dallas. The Compensation Committee has approved separation payments for Mr. Nagji that align with the company's established Executive Severance Policy, with a notable provision that prevents these payments from being reduced by any new employment compensation secured during the severance period.
Key Highlights
- 1Bansi Nagji, EVP and Chief Strategy and Business Development Officer, to step down as an executive officer on March 31, 2020.
- 2Mr. Nagji will continue with McKesson for a period to assist with transition activities.
- 3The executive officer change is occurring concurrently with McKesson's headquarters relocation from San Francisco to Dallas.
- 4Separation payments for Mr. Nagji have been approved by the Compensation Committee.
- 5The separation payment terms adhere to the existing Severance Policy for Executive Employees.
- 6A key aspect of the separation payment is that it will not be offset by compensation from any new employment secured during the payment period.
Frequently Asked Questions
The filing states that Bansi Nagji is stepping down as an executive officer effective March 31, 2020. While the specific reasons for his departure from the executive officer role are not detailed, the announcement is made in the context of the company's headquarters relocation, suggesting a potential alignment with broader organizational changes.
The move of McKesson's headquarters from San Francisco to Dallas is mentioned as a contextual factor for Mr. Nagji's departure and the associated separation payments. This relocation is a significant strategic decision for the company that may lead to various organizational adjustments, including leadership changes.
McKesson's Compensation Committee approved separation payments for Mr. Nagji. These payments are equal to what he would be entitled to under the company's previously disclosed Severance Policy for Executive Employees. Importantly, these payments will not be reduced by any compensation Mr. Nagji earns from new employment secured during the payment period.