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MarketScreener Homepage  >  Equities  >  Nyse  >  AmerisourceBergen    ABC

AMERISOURCEBERGEN

(ABC)
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AmerisourceBergen Corporation (NYSE:ABC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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01/11/2019 | 04:10pm EDT

AmerisourceBergen Corporation (NYSE:ABC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Departure of Directors or Certain Officers
On January 11, 2019, Douglas R. Conant, 67, a member of the Board of Directors of AmerisourceBergen Corporation (the Company) since 2013, informed the Company that he will not stand for re-election as a director at the upcoming Annual Meeting of Stockholders to be held on February 28, 2019 (the 2019 Annual Meeting). Mr. Conants decision not to stand for re-election was not a result of any disagreement with the Company. Mr. Conant has indicated his intention to continue to serve as a director of the Company until the 2019 Annual Meeting.
Following Mr. Conants notification to the Company, the Board of Directors acted to approve a reduction in its size from ten to nine members, effective as of the date of the 2019 Annual Meeting. The Board of Directors also nominated each of the other current directors for election, and each has decided to stand for election at the 2019 Annual Meeting.
Compensatory Arrangements of Certain Officers
On January 11, 2019, the Company entered into amended and restated employment agreements with its current named executive officers: Steven H. Collis, Chairman, President and Chief Executive Officer; John G. Chou, Executive Vice President and Chief Legal Business Officer; James F. Cleary, Jr., Executive Vice President and Chief Financial Officer; and Robert P. Mauch, Executive Vice President and Group President, Pharmaceutical Distribution Strategic Global Sourcing. Upon recommendation by the Companys independent compensation consultant and approval of the Compensation and Succession Planning Committee of the Board of Directors of the Company, the employment agreements were amended and restated to align the severance and change in control benefits with general market practice, supported by benchmarking among the Companys peer group.
Mr. Collis employment agreement was amended to provide that in the event Mr. Collis employment is terminated by the Company without cause or by Mr. Collis for good reason, in either case, upon or within 24 months following a change in control of the Company, provided that Mr. Collis delivers an effective release in favor of the Company and its affiliates, Mr. Collis will receive the following payments:
Messrs. Clearys and Mauchs employment agreements were amended to provide that, in addition to the severance they would receive on a termination of employment by the Company without cause or by the executive for good reason, and subject to the delivery of an effective release in favor of the Company and its affiliates, if such termination occurs upon or within 24 months following a change in control of the Company, the executive will receive two times the average annual bonuses received for the preceding three years, which will be paid in regular payroll installments over the two-year period following termination of employment. This amendment is consistent with amendments made to the employment agreements for other executive officers (other than Messrs. Collis and Chou, whose employment agreements already included this benefit).
Additionally, the terms of the employment agreements for all executive officers, including the current named executive officers, were amended as follows:
The terms of the employment agreements for Messrs. Collis, Chou and Mauch before the amended and restated employment agreements became effective were disclosed in the Companys Definitive Proxy Statement for the 2018 Annual Meeting of Stockholders, filed on January 19, 2018, and the terms of the employment agreement for Mr. Cleary before the amended and restated agreements became effective were disclosed in the Company’s Current Report on Form 8-K filed on November 13, 2018.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
AMERISOURCEBERGEN CORP Exhibit
EX-10.1 2 ex101collisemploymentagree.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1AMENDED AND RESTATED EMPLOYMENT AGREEMENTAMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) by and between AmerisourceBergen Corporation,…
To view the full exhibit click here

About AmerisourceBergen Corporation (NYSE:ABC)

AmerisourceBergen Corporation is a pharmaceutical sourcing and distribution services company. The Company’s segments include Pharmaceutical Distribution and Other. The Company provides services to healthcare providers, and pharmaceutical and biotech manufacturers. As of June 30, 2016, the Pharmaceutical Distribution segment consists of two operating segments, including the operations of AmerisourceBergen Drug Corporation (ABDC) and AmerisourceBergen Specialty Group (ABSG), which distributes specialty drugs to their customers. Servicing healthcare providers in the pharmaceutical supply channel, the Pharmaceutical Distribution segment’s operations provide drug distribution and related services. The Other segment consists of the operations of various segments, including the AmerisourceBergen Consulting Services (ABCS), the World Courier Group, Inc. and the MWI Veterinary Supply, Inc. ABSG operates distribution facilities that focus primarily on complex disease treatment regimens.

The post AmerisourceBergen Corporation (NYSE:ABC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers appeared first on Market Exclusive.

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Financials ($)
Sales 2019 179 B
EBIT 2019 2 021 M
Net income 2019 869 M
Debt 2019 1 515 M
Yield 2019 1,92%
P/E ratio 2019 21,45
P/E ratio 2020 12,81
EV / Sales 2019 0,11x
EV / Sales 2020 0,10x
Capitalization 17 546 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 87,7 $
Spread / Average Target 5,0%
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Managers
NameTitle
Steven H. Collis Chairman, President & Chief Executive Officer
James Francis Cleary Chief Financial Officer & Executive Vice President
Dale B. Danilewitz Chief Information Officer & Executive VP
Henry Wadsworth McGee Independent Director
Jane Ellen Henney Lead Independent Director
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