Perrigo (PRGO) details interim CEO Albert Manzone’s 2026 pay package
Filing Impact
Filing Sentiment
Form Type
8-K/A
Rhea-AI Filing Summary
Perrigo Company plc has detailed the compensation package for Interim President and Chief Executive Officer Albert A. Manzone in a new employment agreement effective July 3, 2026. The agreement covers a fixed term from June 7, 2026 through December 31, 2026, with a possible month-to-month extension of up to 90 days if a permanent CEO is not yet hired.
Under the agreement, Mr. Manzone will receive an annual base salary of $1,270,000 and a one-time cash bonus of $250,000, subject to performance metrics approved by the board and generally payable at the end of the fixed term or upon termination in connection with a change of control. He will also receive a one-time special restricted stock unit grant with a grant-date fair value of $2,500,000 under Perrigo’s 2026 Long-Term Incentive Plan, which vests upon the earlier of one year, the hiring of a permanent CEO, or a qualifying change-of-control termination.
Positive
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8-K Event Classification
2 items: 5.02, 9.01
2 items
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.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Interim CEO base salary: $1,270,000 per year
One-time cash bonus: $250,000
Special RSU grant value: $2,500,000
+3 more
6 metrics
Interim CEO base salary
$1,270,000 per year
Annual base salary in Employment Agreement for Interim CEO
One-time cash bonus
$250,000
Subject to performance metrics and timing conditions at term end or change of control
Special RSU grant value
$2,500,000
Grant-date fair value under Perrigo Company plc 2026 Long-Term Incentive Plan
Fixed term start
June 7, 2026
Beginning of Interim CEO employment fixed term
Fixed term end
December 31, 2026
End of Interim CEO employment fixed term before any extension
Maximum extension period
90 days
Possible month-to-month extension if no new CEO is appointed
Key Terms
Interim President and Chief Executive Officer, restricted stock unit, change of control, Long-Term Incentive Plan, +2 more
6 terms
Interim President and Chief Executive Officer financial
"the Board appointed Albert A. Manzone as the Company’s Interim President and Chief Executive Officer"
restricted stock unit financial
"a one-time special restricted stock unit equity grant with a grant-date fair value of $2,500,000"
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
change of control financial
"termination of employment in connection with a change of control (as defined in the Perrigo Company plc 2026 Long-Term Incentive Plan)"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
Long-Term Incentive Plan financial
"under the terms of the Perrigo Company plc 2026 Long-Term Incentive Plan"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
Fixed Term financial
"The Employment Agreement has a fixed term of June 7, 2026 to December 31, 2026 (the “Fixed Term”)"
Potential Extended Fixed-Term financial
"the Company may continue Mr. Manzone’s employment on a month-to-month basis for up to 90 additional days at the same rate of pay (the “Potential Extended Fixed-Term”)"
FAQ
What is Perrigo (PRGO) paying its Interim CEO Albert Manzone?
Perrigo will pay Interim CEO Albert A. Manzone an annual base salary of $1,270,000. He is also eligible for a one-time cash bonus of $250,000, subject to board-approved performance metrics and specific timing conditions described in the agreement.
How long is Albert Manzone’s interim CEO term at Perrigo (PRGO)?
Albert Manzone’s interim CEO term runs from June 7, 2026 through December 31, 2026. If a permanent CEO is not appointed by then, the company may extend his employment month-to-month for up to 90 additional days on the same pay terms.
What equity grant does Perrigo’s Interim CEO receive under the 2026 plan?
Perrigo’s Interim CEO receives a one-time special restricted stock unit grant with a grant-date fair value of $2,500,000. The award is granted under the Perrigo Company plc 2026 Long-Term Incentive Plan with vesting tied to time, permanent CEO hiring, or change-of-control termination.
When do Albert Manzone’s RSUs at Perrigo (PRGO) vest?
The special restricted stock units vest upon the earlier of one year, the hiring of a permanent CEO, or termination of employment in connection with a change of control. These vesting triggers align his interim service with leadership transition or corporate control events.
What happens to Albert Manzone’s pay if Perrigo hires a new CEO early?
If Perrigo appoints a new CEO before the fixed term ends, Manzone still receives full base salary and benefits for the entire fixed term. He would move into an alternative role for the remainder, maintaining economic terms through December 31, 2026.
Does Perrigo (PRGO) disclose the full interim CEO employment agreement?
Yes. Perrigo files the complete employment agreement with Albert Manzone as Exhibit 10.1. The agreement, effective July 3, 2026, is incorporated by reference and provides detailed legal terms beyond the summarized compensation highlights in the report.