01—Abstract
Summary
Summary of the 8-K filed June 1, 2026. Cited figures are marked; the original filing is the authoritative source.
West Pharmaceutical Services, Inc. (NYSE: WST) announced in this Form 8-K that Michel Lagarde has been appointed President and Chief Executive Officer, effective August 31, 2026 (the Start Date), succeeding Eric M.
Green, who previously informed the Board on March 6, 2026 of his intent to retire once a successor was hired. Upon the Start Date, Mr. Green will resign from the Board, Mr. Lagarde will join the Board, and Lead Independent Director Robert F. Friel will become Board Chair.
Mr. Lagarde, 52, most recently served as Executive Vice President and Chief Operating Officer at Thermo Fisher Scientific, Inc., and also sits on the Board of Vertex Pharmaceuticals. The Employment Agreement, signed May 31, 2026, sets a base salary of $1,175,000,a a target annual incentive of 125% of salary ($1,468,750, prorated for 2026), and a 2026 LTI award with a total grant value of $8,611,111, prorated from a $10,000,000 target. Mr. Lagarde will also receive one-time inducement equity awards with a maximum aggregate grant value of $10,000,000, comprising a sign-on grant of $6,875,000 and matching grants tied to personal stock purchases capped at $2,500,000.
Severance includes 12 months of salary continuation and COBRA benefits for a termination without Cause or for Good Reason, and for a termination within two years after a change in control, a lump sum of two times salary plus prior three-year average bonus, along with 36 months of certain benefits and full vesting of LTI awards. The filing also furnishes a June 1, 2026 press release (Exhibit 99.1) announcing the appointment, in which the company describes Mr. Lagarde as well suited to lead West and notes West's fiscal 2025 net sales of $3.07 billionb.
02—Key points
Key Highlights
- CEO succession: Michel Lagarde becomes President and CEO effective August 31, 2026, succeeding Eric M. Green, who retires from his roles as President, CEO and Board Chair.
- Board changes: Lagarde joins the Board on the Start Date, Green resigns from the Board, and Lead Independent Director Robert F. Friel becomes Board Chair.
- Base compensation: Annual base salary of $1,175,000 with a target annual incentive of 125% of salary ($1,468,750 target award, prorated for 2026).
- Equity awards: 2026 LTI award with a total grant value of $8,611,111 (prorated from a $10,000,000 target), split 50% PSUs, 25% RSUs and 25% stock options.
- Inducement grants: Maximum aggregate one-time inducement equity value of $10,000,000, including a $6,875,000 sign-on grant and matching grants on personal stock purchases capped at $2,500,000.
- Severance protection: 12 months of salary continuation and COBRA for a qualifying termination, and for a termination within two years after a change in control, a lump sum of two times salary plus prior three-year average bonus, 36 months of benefits, and full LTI vesting.
- Relocation: Lagarde must relocate to the Exton, PA headquarters within 12 months after the Start Date.
03—Questions
Frequently Asked Questions
Who is replacing Eric M. Green as CEO, and when does the change take effect?
Michel Lagarde, currently Executive Vice President and Chief Operating Officer at Thermo Fisher Scientific, Inc., will become President and CEO effective August 31, 2026. Green had informed the Board on March 6, 2026 of his intent to retire once a successor was hired.
What is Mr. Lagarde's background?
He joined Thermo Fisher in 2017 as Senior Vice President and President, Pharma Services, through its acquisition of Patheon N.V. He previously was President and COO of Patheon N.V. (2016 to 2017) and Managing Director at JLL Partners (2008 to 2016), and spent 12 years at Philips in finance roles. He joined the Vertex Pharmaceuticals Board in 2023 and chairs its Audit and Finance Committee.
How is Mr. Lagarde's compensation structured?
His employment agreement provides a $1,175,000 base salary, a target annual incentive of 125% of salary, and a 2026 LTI award with a total grant value of $8,611,111. He will also receive one-time inducement equity awards with a maximum aggregate grant value of $10,000,000, comprising a $6,875,000 sign-on grant and matching grants tied to personal stock purchases up to $2,500,000.
What changes in board leadership come with the transition?
As of August 31, 2026, Eric M. Green will resign from the Board, Michel Lagarde will join it, and Lead Independent Director Robert F. Friel will become Board Chair.
What severance protections does the new CEO have?
For a termination without Cause or for Good Reason outside the two years after a change in control, he receives 12 months of salary continuation and COBRA benefits. Within two years after a change in control, he receives a lump sum of two times salary plus prior three-year average bonus, 36 months of certain benefits, and full vesting of outstanding LTI awards, subject to a 280G best net cutback.
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