Summary
Vertex Pharmaceuticals announced a significant leadership change in its finance department with the appointment of Charles F. Wagner, Jr. as the new Executive Vice President, Chief Financial Officer (CFO), effective April 10, 2019. Mr. Wagner brings extensive financial leadership experience from various prominent companies, including Ortho Clinical Diagnostics and Bruker Corporation. His recruitment signals a strategic move to strengthen the company's financial operations and oversight. This appointment follows the departure of the interim CFO and involves a comprehensive compensation package, including a substantial base salary, sign-on bonus, and significant equity awards (restricted stock units and performance stock units) and stock options, reflecting the importance of this role. The employment and change of control agreements also outline severance provisions designed to protect Mr. Wagner's interests in various termination scenarios, including those related to a change of control, which is standard practice for executive hires of this caliber.
Key Highlights
- 1Appointment of Charles F. Wagner, Jr. as EVP, Chief Financial Officer, effective April 10, 2019.
- 2Paul Silva to return to his prior role as Senior Vice President and Corporate Controller, having served as interim CFO.
- 3Mr. Wagner has a strong financial background, previously serving as CFO for Ortho Clinical Diagnostics and Bruker Corporation.
- 4Mr. Wagner's compensation includes a base salary of $700,000 per year.
- 5Significant equity awards granted to Mr. Wagner, including restricted stock units, performance stock units, and stock options.
- 6Employment agreement includes a sign-on cash bonus of $140,000.
- 7Severance packages are detailed in both employment and change of control agreements, providing for base salary, bonus, and accelerated vesting of equity under specific termination conditions.