01—Abstract
Summary
Summary of the 8-K filed September 16, 2024. Cited figures are marked; the original filing is the authoritative source.
On September 11, 2024, Veeva Systems Inc.'s Board of Directors appointed Brian Van Wagener as Chief Financial Officer, effective September 16, 2024, and he will serve as the company's principal financial officer.
Mr. Van Wagener, age 42, previously served as Veeva's Executive Vice President, Finance. He has about 20 years of corporate and consulting experience across technology, healthcare, and life sciences. Before rejoining the company's leadership path, he was SVP, GTM Strategy and Operations at BetterUp from February 2023, and he held multiple roles at Veeva from 2017 to 2023, including VP, Global Sales Operations, Chief People Officer, and Chief of Staff to the CEO.
Under his offer letter, Mr. Van Wagener will receive an annual base salary of $450,000a and is eligible for standard company-sponsored benefits. He also received equity grants under Veeva's 2013 Equity Incentive Plan, including two restricted stock unit grants (2,193 shares and 5,848 shares) and two stock option grants (6,579 shares and 17,544 shares, each with a strike price of $185.74). Vesting schedules vary, with some grants vesting in early 2025 and others on August 1, 2028, subject to continued service.
He has entered into Veeva's standard indemnification agreement. Concurrently, Tim Cabral resigned from his position as Interim Chief Financial Officer effective on the same date, and he will remain on Veeva's Board of Directors. The filing reports no family relationships between Mr. Van Wagener and any directors or executive officers, and no material related-person transactions.
02—Key points
Key Highlights
- Brian Van Wagener was appointed Chief Financial Officer and principal financial officer, effective September 16, 2024.
- Van Wagener previously served as Veeva's Executive Vice President, Finance, and earlier held roles including VP, Global Sales Operations, Chief People Officer, and Chief of Staff to the CEO (2017-2023).
- Tim Cabral resigned as Interim Chief Financial Officer effective September 16, 2024, and will remain on the Board of Directors.
- Van Wagener's annual base salary is $450,000, with standard company-sponsored benefits.
- Equity grants include RSUs of 2,193 and 5,848 shares and stock options of 6,579 and 17,544 shares at a $185.74 strike price, governed by the 2013 Equity Incentive Plan.
- Most of the larger equity grants vest on August 1, 2028, and the option grant of 6,579 shares vests 25% per year over four years.
- The offer letter dated May 23, 2024 is filed as Exhibit 10.1.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer of Veeva Systems?
Brian Van Wagener, age 42, was appointed CFO effective September 16, 2024. He was previously Veeva's Executive Vice President, Finance, and will serve as the company's principal financial officer.
What is Brian Van Wagener's compensation?
His offer letter provides an annual base salary of $450,000 and eligibility for standard company-sponsored benefits. He also received RSU and stock option grants under the 2013 Equity Incentive Plan, with the option strike price set at $185.74.
What happened to the interim CFO, Tim Cabral?
Tim Cabral resigned from his position as Interim Chief Financial Officer as of the effective date, September 16, 2024. He will remain on Veeva's Board of Directors.
What is Van Wagener's background?
He has about 20 years of corporate and consulting experience across technology, healthcare, and life sciences. He joined from BetterUp, where he was SVP, GTM Strategy and Operations from February 2023. He held multiple Veeva roles from 2017 to 2023 and earlier worked at Frontier Communications and Monitor Deloitte. He holds a B.A. from Dartmouth College and an MBA from Northwestern's Kellogg School of Management.
When do Van Wagener's equity awards vest?
Vesting varies by grant. One RSU grant of 2,193 shares has 62.5% vesting January 1, 2025 and 37.5% vesting April 1, 2025. The 6,579-share option grant vests 25% per year over four years. The 5,848-share RSU grant and the 17,544-share option grant vest 100% on August 1, 2028. All vesting is subject to continued service and the terms of the award agreements.
04—Continue