Becton Dickinson & Co 8-K, filed Aug 11, 2021
Becton Dickinson & Co (BDX)
8-K
2021-08-11
For: 2021-08-10
View Original
Added on
April 12, 2026
About this 8-K
Becton Dickinson & Co filed this 8-K on August 11, 2021, reporting on events of August 10, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 10, 2021
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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.
On August 10, 2021, the Board of Directors of Becton, Dickinson and Company (“BD”) elected Christopher DelOrefice, 50, as BD’s Executive Vice President and Chief Financial Officer (“CFO”), effective September 6, 2021. As previously reported, Christopher R. Reidy, BD’s current CFO, has announced his intention to retire from BD. Mr. Reidy will continue to serve as BD’s Executive Vice President and Chief Administrative Officer following the effective date of Mr. DelOrefice’s election. BD is still in the process of finalizing a plan regarding Mr. Reidy’s transition responsibilities and the timing of his retirement.
Mr. DelOrefice currently serves as Vice President, Investor Relations of Johnson & Johnson, and prior thereto, served as Johnson & Johnson’s Chief Financial Officer, North America Hospital Medical Devices, and as its Vice President Finance, North America.
In connection with Mr. DelOrefice’s election, he will receive a base salary of $720,000, and his target annual incentive award under BD’s Performance Incentive Plan will be 95% of salary. Mr. DelOrefice will also have an annual equity compensation award target value of $3,100,000. To compensate Mr. DelOrefice for certain benefits and equity compensation awards that he will forfeit upon leaving Johnson & Johnson, he will also receive a sign-on payment of $680,000 to be paid in two installments, and a sign-on equity compensation award valued at $1,720,000, which will also be granted in two installments.
Mr. DelOrefice and BD will also enter into an agreement providing for his continued employment for a period of two years following a change of control of BD, with a severance multiple of two times salary and bonus, similar to agreements with other executive officers that have been previously disclosed.
Item 7.01. Regulation FD Disclosure.
On August 11, 2021, BD issued a press release relating to the matters described above in Item 5.02. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference. The information in this Item 7.01 shall neither be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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.
BECTON, DICKINSON AND COMPANY
(Registrant)
| By: | /s/ Gary DeFazio | ||||
| Gary DeFazio | |||||
| Senior Vice President and Corporate Secretary | |||||
Date: August 11, 2021
NEWS RELEASE FOR IMMEDIATE RELEASE
Christopher DelOrefice to Join BD as Chief Financial Officer
FRANKLIN LAKES, N.J. (Aug. 11, 2021) – BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that Christopher DelOrefice has been named executive vice president and chief financial officer (CFO), effective Sept. 6, 2021. DelOrefice succeeds Christopher Reidy, 64, who announced his intent to retire from BD last week.
DelOrefice, 50, will join BD from Johnson & Johnson (J&J), where he is currently vice president of Investor Relations. In nearly two decades at J&J, DelOrefice has also held a variety of senior finance leadership roles, including CFO of both the Consumer and Medical Devices segments for North America. He also held finance leadership roles for J&J Supply Chain, Corporate Mergers and Acquisitions, Consumer Global R&D and the Pharmaceutical North America Business Development and Commercial Contracting Finance groups. Prior to J&J, DelOrefice held leadership positions in cost accounting, global audit and financial reporting at Astra Zeneca Pharmaceuticals, AET Films, Inc. and Ametek, Inc.
“Chris has the right mix of strong operational and corporate finance experience that is highly relevant to his new role as CFO at BD,” said Tom Polen, chairman, CEO and president of BD. “His deep experience in health care and medical technology — including supporting multiple large businesses and functions at J&J — will help create a seamless transition as CFO. His investor relations expertise provides additional value to the investment community who know him well. Chris’ track record leading and developing strong finance teams will be an asset to BD.”
DelOrefice will gain immediate responsibility of the global finance organization when joining BD, and Reidy will transition the leadership of BD’s Technology & Global Services (TGS) organization to DelOrefice by the end of the calendar year.
“It is an exciting time to be joining BD as it continues to evolve into one of the most relevant global medical technology companies in the world,” said DelOrefice. “The positive impact on the lives of patients worldwide and its ability to make meaningful progress on some of the most challenging global health issues of our time make BD truly unique in the medical technology industry. I look forward to helping the BD team drive its 2025 growth strategy, optimize its margins and continue to generate shareholder value.”
DelOrefice earned his Bachelor of Science and Master of Business Administration degrees from Villanova University. He received his certified public accountant certification from the Commonwealth of Pennsylvania. He is a member of the Global Investor Relations Executive Council and also remains actively engaged in education and development initiatives at Villanova University.
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About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.
Contacts:
Media: Investors:
Media: Investors:
Troy Kirkpatrick Kristen M. Stewart, CFA
VP, Public Relations SVP, Strategy & Investor Relations
858.617.2361 201.847.5378
troy.kirkpatrick@bd.com kristen.stewart@bd.com
VP, Public Relations SVP, Strategy & Investor Relations
858.617.2361 201.847.5378
troy.kirkpatrick@bd.com kristen.stewart@bd.com