Summary
This Form 8-K filing from Schering-Plough Corporation, dated November 13, 2002, announces significant leadership changes at the executive and board levels. Richard Jay Kogan is set to retire as CEO and President, and will resign from the Board of Directors by the company's annual meeting on April 22, 2003. To ensure a seamless transition, Mr. Kogan has stepped down as Chairman of the Board effective immediately. Richard de J. Osborne, a long-standing director, has been appointed the new Chairman. He will lead the immediate search for a new CEO. The filing also references a retirement agreement between Mr. Kogan and the Company, the terms of which are detailed in an accompanying exhibit.
Key Highlights
- 1Richard Jay Kogan to retire as CEO and President by April 22, 2003.
- 2Richard Jay Kogan resigns as Chairman of the Board, effective November 13, 2002.
- 3Richard de J. Osborne appointed as the new Chairman of the Board.
- 4Board to immediately commence a search for a new CEO.
- 5Filing includes a retirement agreement between Schering-Plough and Richard Jay Kogan as an exhibit.
- 6Leadership transition aims for a smooth handover.