Summary
Pfizer Inc. (PFE) filed an 8-K report on June 26, 2014, to announce a change in its Board of Directors. The company's Board size was increased from 12 to 13 members, and James C. Smith was elected as a new director, effective immediately. Mr. Smith's appointment includes his service on two key Board committees: the Corporate Governance Committee and the Science and Technology Committee. He will be compensated according to Pfizer's standard policies for non-employee directors and has been provided with an indemnification agreement. This filing also includes the press release detailing Mr. Smith's election as an exhibit.
Key Highlights
- 1Pfizer Inc. expanded its Board of Directors from 12 to 13 members.
- 2James C. Smith was elected as a new member of the Board of Directors, effective immediately.
- 3Mr. Smith has been appointed to the Corporate Governance Committee.
- 4Mr. Smith has also been appointed to the Science and Technology Committee.
- 5The company will compensate Mr. Smith according to its standard arrangements for non-employee directors.
- 6Mr. Smith has been provided with an indemnification agreement.
- 7A press release dated June 26, 2014, announcing the election of Mr. Smith is attached as an exhibit.
Frequently Asked Questions
Pfizer Inc. filed this 8-K report to announce a change in its Board of Directors, specifically the expansion of the Board and the election of a new director.
James C. Smith has been elected as a new member of Pfizer Inc.'s Board of Directors. He will serve on both the Corporate Governance Committee and the Science and Technology Committee.
Mr. Smith will receive compensation in accordance with Pfizer Inc.'s standard arrangements for non-employee directors.
This specific 8-K filing does not detail any immediate significant financial implications beyond the standard compensation for a new non-employee director. Mr. Smith has also been provided with an indemnification agreement, which is a standard practice for directors.