Who is Napoleon B. Rutledge, Jr. and what is his new role at McKesson?

Napoleon B. Rutledge, Jr. has been appointed as Senior Vice President, Controller, and Chief Accounting Officer of McKesson Corporation, effective March 1, 2022. He previously held senior finance and accounting leadership positions at Genuine Parts Company and has experience in areas such as SEC reporting and financial planning.

What is the compensation structure for Mr. Rutledge?

Mr. Rutledge will receive a base salary targeting the market mid-point, with a target annual cash bonus opportunity of 50% of his salary. He will also receive a sign-on bonus payable in two installments and equity awards, including performance stock units and restricted stock units, with vesting over several years. He will also be eligible for various executive benefit plans.

What is the sign-on bonus arrangement?

Mr. Rutledge will receive a market-level sign-on bonus. The first payment is due within 30 days of his hire date, and the second payment is due within 30 days of his first anniversary. This bonus is subject to pro-rated repayment if his employment ends before the second anniversary, unless it's an involuntary termination.

What happens to Kevin W. Emerson's role?

Kevin W. Emerson will be stepping down from his interim roles as Controller and Chief Accounting Officer. Effective March 1, 2022, he will transition into a new position as Senior Vice President, Finance Operations at McKesson.

MCK 8-K: Leadership Changes

Summary

McKesson Corporation (MCK) has announced a significant leadership change in its financial reporting structure with the appointment of Napoleon B. Rutledge, Jr. as Senior Vice President, Controller, and Chief Accounting Officer, effective March 1, 2022. Mr. Rutledge brings extensive experience from Genuine Parts Company, where he held senior finance and accounting roles, including responsibility for SEC reporting and regulatory accounting matters. This appointment signals a move to bolster the company's accounting and financial oversight functions with seasoned expertise. Investors should note the comprehensive compensation package offered to Mr. Rutledge, which includes a targeted market-midpoint salary, a significant annual cash bonus opportunity, and a market-level sign-on bonus structured with repayment provisions tied to tenure. Furthermore, his compensation includes performance stock units and restricted stock units, aligning his incentives with the company's long-term performance and value creation. The transition also involves Kevin W. Emerson, who will move from his interim roles to a new position as Senior Vice President, Finance Operations.

Key Highlights

1Napoleon B. Rutledge, Jr. appointed as Senior Vice President, Controller and Chief Accounting Officer, effective March 1, 2022.
2Mr. Rutledge has a strong background in corporate finance, treasury, risk management, audit, and SEC reporting from his tenure at Genuine Parts Company.
3His compensation package includes a target annual base salary, a bonus opportunity of 50% of salary, and a multi-year sign-on bonus.
4Equity awards include performance stock units (PSUs) for fiscal years 2022-2024 and restricted stock units (RSUs) with staggered vesting over three years.
5A sign-on RSU grant with similar three-year vesting is also part of his compensation.
6Mr. Rutledge will participate in McKesson's Management Incentive Plan, 2013 Stock Plan, Change in Control Policy, and executive benefits.
7Kevin W. Emerson will transition from interim Controller and Chief Accounting Officer to Senior Vice President, Finance Operations.

MCKESSON CORP 8-K Report, Executive Changes (Feb 22, 2022)

Summary

Key Highlights

Frequently Asked Questions