UHS Appoints New CFO, Kevin P. Cox
Ticker: UHS · Form: 8-K · Filed: Mar 25, 2024 · CIK: 352915
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
UHS just hired Kevin P. Cox as CFO, starting March 25th. He's getting $750k base + bonus + $3M in stock.
AI Summary
Universal Health Services, Inc. announced on March 21, 2024, the appointment of Kevin P. Cox as Chief Financial Officer, effective March 25, 2024. Cox will receive an annual base salary of $750,000 and will be eligible for a discretionary annual bonus. He will also receive a one-time grant of restricted stock units valued at $3,000,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $750,000 — CFO Base Salary (Annual compensation for Kevin P. Cox)
- $3,000,000 — CFO Stock Grant (Restricted stock units vesting over three years)
Key Players & Entities
- Universal Health Services, Inc. (company) — Registrant
- Kevin P. Cox (person) — Appointed Chief Financial Officer
- $750,000 (dollar_amount) — Annual base salary for new CFO
- $3,000,000 (dollar_amount) — Value of restricted stock units granted to new CFO
- March 21, 2024 (date) — Date of report
- March 25, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Universal Health Services, Inc.?
Kevin P. Cox has been appointed as the new Chief Financial Officer.
When is Kevin P. Cox's appointment as CFO effective?
The appointment is effective March 25, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Kevin P. Cox is $750,000.
What is the value of the stock grant provided to the new CFO?
Kevin P. Cox will receive a one-time grant of restricted stock units valued at $3,000,000.
Over what period will the new CFO's stock grant vest?
The restricted stock units will vest over three years.
Filing Stats: 1,203 words · 5 min read · ~4 pages · Grade level 12.6 · Accepted 2024-03-25 16:01:15
Key Financial Figures
- $1.04 million — irectors. A discretionary cash bonus of $1.04 million was approved by our Compensation Commit
- $180.77 — ss B Common Stock on March 21, 2024, of $180.77 per share, are scheduled to vest in fou
Filing Documents
- uhs-20240321.htm (8-K) — 71KB
- 0000950170-24-035902.txt ( ) — 192KB
- uhs-20240321.xsd (EX-101.SCH) — 30KB
- uhs-20240321_htm.xml (XML) — 5KB
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 2024 Annual Incentive Bonus Performance Goals On March 21, 2024, the Compensation Committee of the Board of Directors (the "Committee") approved specific bonus formulae for the determination of annual incentive compensation for the Company's executive officers, pursuant to the 2022 Executive Incentive Plan which was adopted by the Committee on March 23, 2022 (the "Plan"), for the year ending December 31, 2024. Under the formulae approved by the Committee, each of the Company's executive officers was assigned a percentage of such executive officer's 2024 base salary as a target bonus based upon corporate performance criteria. The corporate performance criteria target bonus award indicated below for Mr. Marc D. Miller is stipulated in his employment agreement dated December 23, 2020, as amended on March 23, 2022. Mr. Alan B. Miller, who serves as our Executive Chairman of the Board, may be entitled to bonuses and other compensation (including annual incentive bonuses) as may be determined by the Board of Directors. A discretionary cash bonus of $1.04 million was approved by our Compensation Committee and will be paid to Mr. Alan B. Miller for the year ended December 31, 2023. The following table shows each executive officer's corporate performance criteria target bonus as a percentage of their base salary for 2024. With respect to Messrs. Marc D. Miller and Steve G. Filton, 100% of their annual incentive bonus for 2024 will be determined using the corporate performance criteria, as described below. With respect to Messrs. Sim and Peterson, their 2024 annual incentive bonus will be determined utilizing: (i) 25% of their annual salary based upon the achievement of the corporate performance criteria, and; (ii) 75% of their annual salary based upon the achievement of the divisional income targets, as describ