Fortrea Holdings (NASDAQ: FTRE) sets CAO change and CFO severance terms

Rhea-AI Filing Summary

Fortrea Holdings Inc. outlines senior finance leadership changes and related compensation. Chief Accounting Officer Robert A. Parks plans to resign effective August 7, 2026 to pursue an opportunity outside the contract research organization industry; the company states his decision is not due to any disagreement over operations or accounting practices. Vice President of Accounting Carrie Russell will become interim principal accounting officer and interim Chief Accounting Officer on that date, receiving a $20,000 one-time cash bonus and an additional $10,000 per month during her interim service.

The company also details the transition for departing Chief Financial Officer Jill McConnell. She will remain employed through September 8, 2026 with existing pay, benefits, and continued equity vesting. If she remains through the transition, she is eligible for severance totaling $1,017,500, paid in two equal installments, plus up to 12 months of company-paid COBRA premiums and continued vesting of restricted stock units during a consulting period through March 8, 2027.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Key Figures

One-time bonus to interim CAO: $20,000 Monthly interim role bonus: $10,000 per month CFO severance total: $1,017,500.00 +5 more

8 metrics

One-time bonus to interim CAO $20,000 Cash bonus to Carrie Russell upon assuming interim principal accounting officer and interim Chief Accounting Officer roles

Monthly interim role bonus $10,000 per month Additional cash bonus to Carrie Russell during her service as interim principal accounting officer and interim Chief Accounting Officer

CFO severance total $1,017,500.00 Total severance pay to Jill McConnell under the Separation Agreement, equal to base salary plus target 2026 bonus

CFO base salary $550,000 Base salary used in calculating Jill McConnell’s severance

CFO target 2026 bonus $467,500 Target annual bonus for 2026 included in Jill McConnell’s severance calculation

Severance installment amount $508,750 Each of two installments of severance pay to Jill McConnell, before taxes and withholdings

COBRA premium support period 12 months Duration for which the company will pay COBRA premiums if elected by Jill McConnell

CFO consulting period end March 8, 2027 End date of consulting period during which Jill McConnell’s restricted stock units continue to vest

Key Terms

principal accounting officer, Severance Plan, COBRA, restricted stock units, +1 more

5 terms

principal accounting officer financial

"will be designated as and assume the responsibilities of interim principal accounting officer"

The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.

Severance Plan financial

"for Cause (as defined in the Fortrea Inc. Master Senior Executive Severance Plan"

A severance plan is a company policy that spells out the pay, benefits and other support employees receive if their jobs are ended, voluntarily or involuntarily. For investors it matters because these plans create predictable cash costs and legal obligations—like a planned payout schedule or a shoe-box emergency reserve—and can signal how well management handles workforce changes, governance risk and future cash flow needs.

COBRA financial

"In the event Ms. McConnell elects continuation of coverage under COBRA for herself and her dependents"

COBRA is a U.S. federal law that lets employees and their dependents temporarily keep employer-sponsored health insurance after job loss, reduction in hours, or other qualifying events by paying the premiums themselves. Investors should care because offering COBRA can affect a company’s cash flow, administrative costs and legal disclosures when workforce changes occur—similar to a former club member paying to keep their membership active after leaving the club.

restricted stock units financial

"outstanding restricted stock units will continue to vest during and at the end of the Consulting Period"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

covenants not to solicit financial

"covenants not to solicit, not to compete and not to disclose confidential information"

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Available on EDGAR 07/14/2026 - 04:06 PM Accepted by SEC EDGAR 07/14/2026 - 04:05 PM Learn about SEC filing dates

FAQ

What leadership change did Fortrea Holdings (FTRE) announce for its Chief Accounting Officer?

Fortrea Holdings announced that Chief Accounting Officer Robert A. Parks will resign effective August 7, 2026. He will stay through that date to support a transition, and the company notes his departure is not due to any disagreement over operations or accounting practices.

Who is becoming interim principal accounting officer at Fortrea Holdings (FTRE) and what is her background?

Carrie Russell, Vice President of Accounting since August 2024, will serve as interim principal accounting officer and interim Chief Accounting Officer. She previously spent nearly 17 years at PwC, including in its National Office SEC Services group, and is a Certified Public Accountant.

What additional compensation will Carrie Russell receive in her interim roles at Fortrea Holdings (FTRE)?

For serving as interim principal accounting officer and interim Chief Accounting Officer, Carrie Russell will receive a $20,000 one-time cash bonus and an additional $10,000 per month during the interim period, paid on the company’s regular payroll schedule, on top of her existing salary and incentive eligibility.

What are the key severance terms for CFO Jill McConnell at Fortrea Holdings (FTRE)?

If she remains through the transition, Jill McConnell will receive $1,017,500 in severance, equal to one times her $550,000 base salary plus her $467,500 target 2026 bonus. The amount is paid in two $508,750 installments, subject to taxes and plan conditions.

How long will Fortrea Holdings (FTRE) retain CFO Jill McConnell in transition and consulting roles?

Jill McConnell will remain employed through the Transition Period ending September 8, 2026. After that, under a planned consulting agreement, she is expected to provide additional transition services through March 8, 2027, during which her outstanding restricted stock units continue to vest according to their terms.

What benefits and covenants are included in Jill McConnell’s separation arrangements at Fortrea Holdings (FTRE)?

If she signs the Separation Agreement, Jill McConnell will receive severance pay, up to 12 months of COBRA premiums for health coverage, and ongoing RSU vesting during the consulting period, in exchange for a release of claims and covenants not to solicit, not to compete, and not to disclose confidential information.

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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

July 8, 2026

(Date of earliest event reported)

Fortrea Holdings Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-41704

92-2796441

(State or other jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

8 Moore Drive
Durham,			North Carolina						27713
(Address of principal executive offices)									(Zip Code)

(Registrant’s telephone number including area code) 877-495-0816

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act.

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.001 par value			FTRE			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Departure of Chief Accounting Officer and Appointment of Interim Principal Accounting Officer

On July 8, 2026, Robert A. Parks informed Fortrea Holdings Inc. (the “Company”) of his intention to resign from his position as Chief Accounting Officer and principal accounting officer to pursue an opportunity outside the contract research organization industry. Mr. Parks’ resignation will be effective August 7, 2026 (the “Effective Date”). Mr. Parks’ decision to resign was not the result of any disagreement with the Company or its Board of Directors relating to the Company’s operations, policies or practices or any issues regarding its accounting policies or practices. Until the Effective Date, Mr. Parks will continue in the role of Chief Accounting Officer and principal accounting officer and assist with the transition of his responsibilities.

On the Effective Date, Carrie Russell, the Company’s Vice President of Accounting, will be designated as and assume the responsibilities of interim principal accounting officer and interim Chief Accounting Officer in addition to her role as Vice President of Accounting, until a successor principal accounting officer and Chief Accounting Officer is appointed.

Ms. Russell currently serves as the Company’s Vice President of Accounting, a position she has held since August 2024. As Vice President of Accounting, Ms. Russell is responsible for the Company’s accounting function, including technical accounting, accounting policy, financial close and consolidation, internal controls over financial reporting, and external financial reporting. Prior to joining the Company, Ms. Russell spent nearly 17 years with PricewaterhouseCoopers LLP (“PwC’), most recently serving as a Trust Solutions Audit Director within the Health Industries practice. Her tenure at PwC included two years in PwC's National Office SEC Services group, where she advised registrants and engagement teams on SEC reporting requirements, financial reporting matters, and the application of U.S. GAAP and SEC regulations. Ms. Russell is a Certified Public Accountant and received a Bachelor of Science in Business Administration and a Master of Accountancy from the University of North Carolina at Chapel Hill. She currently serves on the Board of Directors of the North Carolina Museum of Art Foundation.

In connection with Ms. Russell’s appointment as interim principal accounting officer and interim Chief Accounting Officer, Ms. Russell will receive a one-time cash bonus of $20,000. In addition, during the term of her employment as interim principal accounting officer and interim Chief Accounting Officer, the Company will pay Ms. Russell an additional cash bonus of $10,000 per month, paid in accordance with the Company’s regular payroll schedule. Ms. Russell currently receives an annual base salary and is eligible to receive an annual incentive bonus and annual long-term incentive awards in the form of performance share awards and restricted stock units under the Company’s 2023 Omnibus Incentive Plan, a copy of which was filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Ms. Russell is also eligible to participate in the Company’s other benefit plans and programs as described in the Company’s Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders, filed on Schedule 14A with the Securities and Exchange Commission on April 27, 2026.

There are no arrangements or understandings between Ms. Russell and any other person pursuant to which she was appointed as interim principal accounting officer and interim Chief Accounting Officer of the Company, and she is not a party to, nor does she have any direct or indirect material interest in, any transaction requiring disclosure under Item 404(a) of Regulation S-K. She does not have any family relations with any directors or executive officers of the Company.

Previously Announced Departure of Chief Financial Officer

In connection with the transition of the Chief Financial Officer position previously announced on June 26, 2026, the Company and Jill McConnell entered into an Employment Transition Agreement and General Release, dated as of July 14, 2026 (the “Transition Agreement”), whereby the Company and Ms. McConnell have mutually agreed that Ms. McConnell will continue to be employed by the Company through September 8, 2026 (the “Transition Period”) to assist in the transition. As consideration for the services provided, Ms. McConnell will remain employed by the Company at the same base pay and benefits during the Transition Period, including continued vesting under her outstanding equity awards, unless (a) Ms. McConnell earlier voluntarily resigns or (b) her employment is terminated by the Company for Cause (as defined in the Fortrea Inc. Master Senior Executive Severance Plan (the “Severance Plan”)).

Additionally, if Ms. McConnell remains employed by the Company at the end of the Transition Period, the Company will enter into a Separation Agreement and General Release with Ms. McConnell in substantially the form attached to the Transition Agreement (the “Separation Agreement”). Pursuant to the Separation Agreement, the Company will pay Ms. McConnell severance in a total amount of $1,017,500.00, less applicable taxes and withholdings (hereafter referred to as “Severance Pay”), which equals one times Ms. McConnell’s base salary of $550,000 plus Ms. McConnell’s target annual bonus for 2026 of $467,500. The Severance Pay shall be paid in two (2) installments, with the first installment of $508,750, less taxes and withholding, made payable within thirty (30) days following the effectiveness of the Separation Agreement and the second installment of $508,750, less taxes and withholding, made payable within thirty (30) days following the one (1)-year anniversary of the effectiveness of the Separation Agreement, subject to the terms and conditions of the Severance Plan. In the event Ms. McConnell elects continuation of coverage under COBRA for herself and her dependents, the Company will pay the applicable premium for such coverage for twelve (12) months from her date of separation. The Separation Agreement contains general covenants, promises, and agreements, including Ms. McConnell’s release of claims as well as covenants not to solicit, not to compete and not to disclose confidential information.

At the end of the Transition Period, the Company and Ms. McConnell have agreed to enter into a consulting agreement (the “Consulting Agreement”) whereby Ms. McConnell will provide additional transition services through March 8, 2027 (the “Consulting Period”). As consideration for the services provided, Ms. McConnell’s outstanding restricted stock units will continue to vest during and at the end of the Consulting Period according to their terms.

The foregoing descriptions of the Transition Agreement (including the Separation Agreement attached thereto) and the Consulting Agreement are qualified in their entirety by the terms of the Transition Agreement (including the Separation Agreement attached thereto) and the Consulting Agreement, copies of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

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.

						Fortrea Holdings Inc.
			By:			/s/ Agnieszka M. Gallagher
						Name: Agnieszka M. Gallagher
						Title: General Counsel and Secretary

Date: July 14, 2026

Filing Exhibits & Attachments

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• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 15.6 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 27.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 16.3 KB