Waltham, Mass.-based PAREXEL International Corporation is about to get a new CFO.
On Friday, PAREXEL announced that it has hired away Philips Healthcare CFO Ingo Bank to become its own Chief Financial Officer, effective September 1. Bank will be switching companies on July 8, but not taking up the CFO's chair immediately. Instead, he will get a couple of months to acclimate, as outgoing CFO James F. Winschel, Jr. keeps the chair warm until September. Winschel will then stick around for at least another three months before officially retiring sometime in 2014, thus helping to ensure a smooth transition.
In an SEC filing simultaneous with the above announcement, PAREXEL noted that it will be paying Bank an annual base salary of $450,000, plus:
A $500,000 signing bonus.
An annual incentive bonus of up to 55% of his base salary.
17,320 shares of restricted common stock, vesting after three years at the company.
34,640 stock options vesting over four years.
The article Parexel Picks New CFO originally appeared on Fool.com.
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