Summary
Zoetis Inc. (ZTS) has announced the appointment of Paul S. Herendeen as its new Executive Vice President and Chief Financial Officer, effective September 2, 2014. This appointment marks a significant leadership transition for the company, with Glenn David stepping down from his interim CFO role to return to his position as Senior Vice President of Finance Operations. Mr. Herendeen brings a wealth of experience from his previous executive roles at specialty pharmaceutical companies, including Warner Chilcott PLC and MedPointe, Inc. His compensation package includes a base salary of $630,000, eligibility for annual and long-term incentive plans, a sign-on equity award valued at $875,000, and participation in the company's executive severance and U.S. benefits programs. Investors should note the details of his compensation and the experienced background he brings to Zoetis's financial leadership.
Key Highlights
- 1Appointment of Paul S. Herendeen as Executive Vice President and Chief Financial Officer, effective September 2, 2014.
- 2Glenn David to transition from Acting CFO to Senior Vice President of Finance Operations.
- 3Mr. Herendeen has extensive experience as a CFO in the pharmaceutical sector, notably at Warner Chilcott PLC and MedPointe, Inc.
- 4Herendeen's annual base salary will be $630,000.
- 5Eligibility for an annual incentive plan with a target of 70% of base salary.
- 6Target long-term incentive award for 2015 is $1,750,000.
- 7A sign-on equity award of $875,000 will be granted, consisting of stock options and RSUs vesting on the third anniversary of the grant date.