8-KLeadership ChangesExhibits & Filings

Zoetis Inc. 8-K Report, Executive Changes (Apr 22, 2014)

Filed April 22, 2014For Securities:ZTS

Summary

Zoetis Inc. (ZTS) announced a significant change in its executive leadership, with the departure of its Chief Financial Officer, Richard A. Passov, effective at the end of April 2014. The company has assured investors that Mr. Passov's departure is unrelated to the company's financial condition or reporting. This marks a key leadership transition for the animal health company, which recently completed its IPO in early 2013. In response to the CFO vacancy, Zoetis has appointed Glenn David, previously Senior Vice President of Finance Operations, as the acting Chief Financial Officer. Mr. David brings extensive financial experience, including his tenure at Pfizer Animal Health and various roles within Pfizer and other financial institutions prior to Zoetis's spin-off. His immediate assumption of responsibilities will ensure continuity in financial management and global operations during this transition period.

Key Highlights

  • 1Chief Financial Officer Richard A. Passov is departing Zoetis Inc. at the end of April 2014.
  • 2The company states Mr. Passov's departure is unrelated to Zoetis's financial condition or financial reporting.
  • 3Glenn David, Senior Vice President of Finance Operations, has been appointed as acting Chief Financial Officer.
  • 4Mr. David's appointment is effective immediately, and he will oversee financial management and global operations.
  • 5Mr. David has significant financial experience, including roles at Pfizer Animal Health and prior to Zoetis's IPO.
  • 6A press release detailing these executive changes was filed as an exhibit to the 8-K.

Frequently Asked Questions

According to the filing, Mr. Passov is leaving Zoetis for reasons unrelated to the Company’s financial condition or financial reporting. He will depart at the end of April 2014.

Glenn David, the current Senior Vice President of Finance Operations, has been appointed as the acting Chief Financial Officer, effective immediately.

Mr. David has served as Senior Vice President of Finance Operations since Zoetis's IPO in early 2013. Prior to that, he held various financial roles at Pfizer Inc., including Vice President of Global Finance for Pfizer Animal Health from 2011 to 2012. He also has prior experience at financial institutions like Bankers Trust, Paine Webber, and Credit Suisse.

The company has appointed an acting CFO, Glenn David, to immediately assume responsibility for financial management and global operations, indicating a plan for continuity. The filing also states Mr. Passov's departure is not due to financial issues, suggesting minimal expected disruption to financial reporting.