MCKESSON REPORTS OFFICER/DIRECTOR CHANGES, COMPENSATORY ARRANGEMENTS
Ticker: MCK · Form: 8-K · Filed: Jan 9, 2024 · CIK: 927653
Complexity: simple
Sentiment: mixed
Topics: executive-changes, compensatory-arrangements, corporate-governance
TL;DR
**McKesson just announced executive changes and compensation updates, watch for strategic shifts.**
AI Summary
McKesson Corporation filed an 8-K on January 9, 2024, reporting events that occurred on January 8, 2024. The filing indicates changes related to the departure or election of directors or officers and their compensatory arrangements, as well as Regulation FD disclosure and financial statements/exhibits. This matters to investors because changes in leadership and executive compensation can signal shifts in company strategy, financial health, or governance, potentially impacting future stock performance.
Why It Matters
Changes in executive leadership and compensation can influence a company's strategic direction and financial stability, directly affecting investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — Changes in leadership and compensation can introduce uncertainty, but the specific details are not yet fully disclosed, making the immediate impact moderate.
Analyst Insight
A smart investor would monitor subsequent filings for specific details on the leadership changes and compensatory arrangements to assess potential impacts on McKesson's strategic direction and financial outlook before making investment decisions.
Key Numbers
- 2024-01-08 — Date of earliest event reported (This is the specific date when the reported events, such as officer changes, occurred.)
- 001-13252 — SEC File Number (This unique identifier helps track McKesson's filings with the SEC.)
Key Players & Entities
- MCKESSON CORP (company) — the registrant filing the 8-K
- January 8, 2024 (date) — date of earliest event reported
- January 9, 2024 (date) — date the 8-K was filed
- Delaware (company) — state of incorporation for McKesson Corporation
- 1-13252 (dollar_amount) — Commission File Number for McKesson Corporation
- 94-3207296 (dollar_amount) — I.R.S. Employer Identification No. for McKesson Corporation
- 6555 State Hwy 161 Irving , TX 75039 (company) — address of Principal Executive Offices for McKesson Corporation
- 972-446-4800 (dollar_amount) — Registrant’s Telephone Number for McKesson Corporation
Forward-Looking Statements
- McKesson's stock price may experience short-term volatility as investors digest the implications of leadership and compensation changes. (MCKESSON CORP) — medium confidence, target: 2024-02-08
- Further details regarding the specific individuals involved in the officer/director changes and their compensatory arrangements will be disclosed in subsequent filings or company announcements. (MCKESSON CORP) — high confidence, target: 2024-03-31
FAQ
What specific items were reported in this 8-K filing by McKesson Corporation?
McKesson Corporation reported on 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers', 'Regulation FD Disclosure', and 'Financial Statements and Exhibits' as per the ITEM INFORMATION section of the filing.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 8, 2024, as stated in the 'Date of report (Date of earliest event reported): January 8, 2024' section.
What is McKesson Corporation's Commission File Number?
McKesson Corporation's Commission File Number is 1-13252, as indicated in the filing.
Where are McKesson Corporation's principal executive offices located?
McKesson Corporation's principal executive offices are located at 6555 State Hwy 161, Irving, TX 75039, according to the filing.
What is the purpose of an 8-K filing, as generally described in the document?
An 8-K filing is a 'CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934', used to announce major events that shareholders should know about.
Filing Stats: 841 words · 3 min read · ~3 pages · Grade level 10.7 · Accepted 2024-01-09 08:04:07
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value MCK New York Stock Exchange
- $115,000 — will receive an annual cash retainer of $115,000, which will be prorated based on the ef
Filing Documents
- mck-20240108.htm (8-K) — 37KB
- ex991-502boardofdirectorap.htm (EX-99.1) — 15KB
- mck-20240108_g1.jpg (GRAPHIC) — 11KB
- mckessonlogoa03.jpg (GRAPHIC) — 11KB
- 0000927653-24-000005.txt ( ) — 283KB
- mck-20240108.xsd (EX-101.SCH) — 3KB
- mck-20240108_def.xml (EX-101.DEF) — 16KB
- mck-20240108_lab.xml (EX-101.LAB) — 33KB
- mck-20240108_pre.xml (EX-101.PRE) — 17KB
- mck-20240108_htm.xml (XML) — 5KB
02
Item 5.02 Election of Directors. On January 8, 2024, the Board of Directors ("Board") of McKesson Corporation ("Corporation") elected Kevin Ozan as a director of the Corporation and appointed him to the Board's Audit Committee and Finance Committee, effective January 8, 2024. Mr. Ozan retired from McDonald's Corporation, a leading global food service retailer, in June 2023 after 25 years of service. He most recently served as senior executive vice president, strategic initiatives from September 2022 to June 2023 and executive vice president and chief financial officer from March 2015 to August 2022. Mr. Ozan held various roles of increasing responsibility across the financial and investor relations teams at McDonald's from 1997 to 2015. Prior to joining McDonald's, he worked for over a decade in Ernst & Young's audit and mergers and acquisitions practices. Mr. Ozan currently serves on the board of directors of Cineworld, a private company with one of the largest cinema businesses in the world. Mr. Ozan has a bachelor's degree in accounting from the University of Michigan and a master's degree in business from the Kellogg School of Management at Northwestern University. Mr. Ozan will receive compensation in accordance with the Corporation's standard compensatory arrangement for non-employee directors. He will receive an annual cash retainer of $115,000, which will be prorated based on the effective date of his election. Mr. Ozan also will receive restricted stock units ("RSUs") under the Corporation's 2022 Stock Plan in an amount that represents the annual equity award value granted to non-management directors after the Company's 2023 annual meeting of shareholders, prorated based on the effective date of his election. In addition, effective January 8, 2024, Mr. Ozan will enter into the Corporation's standard Indemnification Agreement for directors, which provides for indemnification to the fullest extent permitted by Delaware law.
01
Item 7.01 Regulation FD Disclosure. On January 9, 2024, the Corporation issued and posted on its website (https://www.mckesson.com/About-McKesson/Newsroom/Press-Releases/ and https://investor.mckesson.com/news/default.aspx) a news release announcing the election of Mr. Ozan to the Board, information regarding an upcoming presentation at the J.P. Morgan Healthcare Conference and the Corporation's acquisition of Compile. A copy of that news release is attached hereto as Exhibit 99.1. The information contained in this item, including Exhibit 99.1, is furnished to the Commission, but shall not be deemed "filed" with the Commission for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act"), or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, except as expressly stated in any such filing.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 News release issued by McKesson Corporation on January 9, 2024 104 Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 9, 2024 McKesson Corporation By: /s/ Michele Lau Michele Lau Executive Vice President and Chief Legal Officer