Summary
Zoetis Inc. (ZTS) announced on March 4, 2014, a significant addition to its Board of Directors with the appointment of Dr. Willie M. Reed. Dr. Reed's appointment to Class II of the Board is effective immediately and will continue until his successor is appointed or qualified, or until his resignation or removal. He will also be a member of the Company’s Corporate Governance Committee, indicating a focus on governance and oversight. Dr. Reed's appointment is part of the company's ongoing governance strategy and does not involve any pre-existing arrangements with other parties. He will be compensated in line with the company's standard non-employee director compensation policy, receiving an annual cash retainer of $100,000 and an annual equity retainer valued at $140,000 in the form of deferred stock units. Additionally, Zoetis has entered into its standard form of indemnification agreement with Dr. Reed, a common practice to protect directors.
Key Highlights
- 1Zoetis Inc. appointed Dr. Willie M. Reed to its Board of Directors.
- 2Dr. Reed will serve on the Board until his successor is appointed or qualified, or until resignation/removal.
- 3Dr. Reed has been assigned to serve on the Company's Corporate Governance Committee.
- 4There are no existing arrangements or understandings with any person regarding Dr. Reed's appointment.
- 5Dr. Reed will receive an annual cash retainer of $100,000 as a non-employee director.
- 6Dr. Reed will also receive an annual equity retainer valued at $140,000 in deferred stock units.
- 7Zoetis has entered into its standard form of indemnification agreement with Dr. Reed.