false0000721371 0000721371 2020-03-13 2020-03-13


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): March 13, 2020
 
Cardinal Health, Inc.
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
 
Ohio
 
1-11373
 
31-0958666
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
7000 Cardinal Place, Dublin, Ohio 43017
(Address of Principal Executive Offices) (Zip Code)
(614) 757-5000
(Registrant’s telephone number, including area code)
 
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 (see General Instruction A.2. below):
☐
Written communications 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 Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common shares (without par value)
CAH
New York Stock Exchange
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.
On March 13, 2020, the Board of Directors of Cardinal Health, Inc. (the “Company”) elected Jason M. Hollar, 46, as Chief Financial Officer (“CFO”) of the Company, effective May 12, 2020. Mr. Hollar will succeed David C. Evans, who will continue to serve as CFO through May 11, 2020.

Mr. Hollar has been Executive Vice President and CFO of Tenneco Inc. ("Tenneco"), a company that designs, manufactures, markets and sells products and services for light vehicle, commercial truck, off-highway, industrial and after-market customers, since July 2018. He joined Tenneco as Senior Vice President Finance and served in that role from June 2017 to June 2018. Prior to joining Tenneco, Mr. Hollar was CFO of Sears Holdings Corporation ("Sears"), an integrated retailer, from October 2016 to April 2017 and prior to that served as Senior Vice President, Finance of Sears since October 2014.
Pursuant to the terms of Mr. Hollar's offer letter with the Company, he will receive a base salary of $700,000, target annual bonus at 100% of his salary and target long-term incentive awards of $2,500,000. To address compensation forfeited at his former employer, Mr. Hollar will receive (i) a cash sign-on bonus of $1,550,000 and (ii) initial grants of restricted share units with a grant value of $1,000,000 that vest ratably over three years and performance share units with a grant value of $1,000,000 that vest based on performance over a three-year performance period. He will also receive a $200,000 lump sum payment for relocation in lieu of eligibility for the Company's executive relocation program. A copy of the offer letter is attached hereto as Exhibit 10.1. For more information regarding the Company’s annual bonus and long-term incentive award programs, see the Company’s Definitive Proxy Statement for the 2019 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on September 20, 2019.

The Company also entered into its standard form of executive Confidentiality and Business Protection Agreement with Mr. Hollar, which is attached hereto as Exhibit 10.2.

Item 7.01.     Regulation FD Disclosure.

The Company issued a news release on March 19, 2020 announcing the appointment of Mr. Hollar as CFO, which is being furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01.    Financial Statements and Exhibits.
(d)  Exhibits.
10.1

 
10.2

 
99.1

 
104

 
 Cover Page Interactive Data File (embedded within the Inline XBRL document)


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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.
 
 
 
 
Cardinal Health, Inc.
(Registrant)
 
 
 
 
Date: March 19, 2020
 
 
 
By:
 
/s/ Jessica L. Mayer
 
 
 
 
 
 
Name: Jessica L. Mayer
 
 
 
 
 
 
Title: Chief Legal and Compliance Officer


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Exhibit 10.1

EVANSDAVIDCOFFERLETTE_IMAGE1.JPG
Ola M. Snow
Chief Human Resources Officer
Cardinal Health
7000 Cardinal Place
Dublin, Ohio 43017 
614.###.#### tel
614.###.#### fax
 


cardinalhealth.com


March 9, 2020

Jason Hollar
##### ####### ##### ####
## #######, ## USA

Dear Jason,

It is with great pleasure that I confirm in writing our offer of employment to you. All of us who have met with you enthusiastically believe you represent an exceptional fit with Cardinal Health, Inc. ("Cardinal Health") and will be a superb addition to the executive management team. As we have discussed, the terms of this offer are subject to approval by the Human Resources and Compensation Committee of our Board of Directors (“Compensation Committee”). The major provisions of your offer are:

Position: Your initial position will be Executive Vice President, Finance, based in Dublin, Ohio and reporting to Mike Kaufmann, CEO, Cardinal Health. You will become Chief Financial Officer (CFO) effective on May 12, 2020.

Start Date: We look forward to you starting with us on April 27, 2020.

Base Salary: Your annual salary is $700,000; it is payable bi-weekly, every other Friday, one week behind the most current workweek you’ve completed (in arrears). You will be annually eligible for adjustments to your base salary rate, subject to both merit funding guidelines and your performance.

Management Incentive Plan: You will be annually eligible to participate in our short-term cash incentive plan, which we call the Management Incentive Plan ("MIP"). Your target incentive for the fiscal year ending June 30, 2020 will be 100% of your annual base salary, prorated to reflect the number of days you are employed in this position during the fiscal year. MIP funding is determined by the Compensation Committee based upon the achievement of both financial and non-financial objectives.

Long-Term Incentive Program: You will also be annually eligible to participate in the Cardinal Health Long-Term Incentive (“LTI”) program, with a target award value of $2,500,000. Currently, LTI grants are awarded in August of each year; the first LTI grant for which you will be eligible is scheduled to occur in August 2020 for the fiscal year ending June 30, 2021. The grant is expected to be awarded in a mix of 40% restricted share units ("RSUs") and 60% performance share units (“PSUs”). LTI program participation, award amounts, form of award, and award terms are reviewed on an annual basis and are subject to change at any time at the discretion of the Compensation Committee. Standard terms and conditions apply.

One-time Payments and Grants: To address forfeited compensation and incent and assist you in transitioning to this new role, we will provide you with:

•
A gross cash sign-on bonus of $1,550,000, to be paid within 30 days from your start date. It is understood that if prior to completing one year of service, you are terminated for cause or if you voluntarily terminate employment with Cardinal Health, you would be responsible for reimbursing to Cardinal Health 100% of this sign-on bonus. If such a termination event occurs after one year of service, but before the completion of two years, you would be responsible

Mr. Jason Hollar
Page 2 of 3



for reimbursing to Cardinal Health 50% of this sign-on bonus. By signing this offer letter, you agree that Cardinal Health may withhold any amounts due from your final paycheck, as they relate to the above.

•
You will be awarded LTI grants with an expected value of $2,000,000 as of the grant date, with $1,000,000 delivered in RSUs and $1,000,000 delivered in PSUs subject to approval by the Compensation Committee. The grants will be made on May 15, 2020, assuming you are employed by us on that date. The awards will be valued in accordance with Cardinal Health’s standard valuation practices. Standard terms and conditions apply. RSUs and PSUs may be subject to deferred payment if you so elect before your start date.

Relocation: In lieu of eligibility for our Executive Homeowner Relocation Program, we will provide you with a $200,000 lump sum payment for relocation. It is understood that if you are terminated for cause or you voluntarily terminate employment with Cardinal Health before completing one year of service, you would be responsible for reimbursing to Cardinal Health 100% of this payment. If such a termination event occurs after one year of service, but before the completion of two years, you would be responsible for reimbursing to Cardinal Health 50% of this payment. By signing this offer letter, you agree that Cardinal Health may withhold any amounts due from your final paycheck, as they relate to the above.

Well-Being Opportunities: Cardinal Health is pleased to offer a comprehensive, competitive program. On your first day of employment, you are eligible to participate in the:

•
Health, Life and Disability Plans – You will receive more information on these benefits during your new hire orientation session.

•
401(k) Savings Plan – You are eligible to participate in the Cardinal Health 401(k) Savings Plan on the first day of your employment. You may contribute up to 50% of your pre-tax earnings to the Plan (subject to IRS maximum limits). Currently, if you contribute 5% or more you will receive the maximum company matching contribution of 5%. Cardinal Health also matches contributions from below 5% at various levels, and we can provide additional details upon request. These matching dollars are immediately 100% vested. In addition to the company match, Cardinal Health may make discretionary company contributions to your 401(k) account. These discretionary company contributions are 100% vested after three years of service. Enrollment information will be sent to you by Wells Fargo, our financial benefits service provider.

•
Deferred Compensation Plan – This plan enables you to save over the IRS limits in the qualified 401(k) plan. Cardinal Health provides a match on deferrals from eligible compensation earned between $285,000 and $385,000 and may make a discretionary company contribution to your DCP account. All contributions vest as described in the 401(k) plan. Enrollment information will be sent to you via e-mail by our Benefits department. Note that you must initially enroll within 30 days of your start date and then annually thereafter.

•
Paid Time Off – Cardinal Health believes that taking time off from work is essential, both personally and professionally. We do not limit the number of sick and vacation days you may take during the year. However, you are expected to balance your work and time off appropriately with respect to business and staffing needs.

Screening: Consistent with our policies for all Cardinal Health personnel and the special consideration of our industry, this offer is contingent upon both the taking of a company paid drug screening test, the results of which must be negative, as well as an acceptable background check. These items must be completed prior to your start date.

Terms: Employment with Cardinal Health is not for any definite period of time and is terminable, with or without notice, at the will of either you or Cardinal Health at any time, for any reason. There is no contract, express or implied, of employment. However, you agree to be bound by the terms of the attached Confidentiality and Business Protection Agreement. That agreement must be signed and delivered to Cardinal Health on or before your start date.

Mr. Jason Hollar
Page 3 of 3




Ethics: As a company founded on a core set of values, we will ask you to review the enclosed Standards of Business Conduct and sign a certificate of compliance.

If you have any questions, please feel free to call me at 614.###.####.

I'm looking forward to working together and excited about what we will accomplish!

Sincerely,

/s/ Ola M. Snow

Ola M. Snow
Chief Human Resources Officer


I accept the above offer of employment:

/s/ Jason M. Hollar
 
 
3/11/20
Signature
 
 
Date



cc: Mike Kaufmann





Exhibit 10.2

Confidentiality and Business Protection Agreement

This Confidentiality and Business Protection Agreement (“Agreement”) is hereby entered into by and between Jason M. Hollar (“Executive”) and Cardinal Health, Inc., an Ohio Corporation (the “Company”), effective as of April 27, 2020.

It is hereby agreed as follows:

1.    Consideration and Acknowledgements. The parties acknowledge that the provisions and covenants contained in this Agreement are ancillary and material to, and in consideration of, the offer letter dated March 9, 2020 and that the limitations contained herein are reasonable in geographic and temporal scope and do not impose a greater restriction or restraint than is necessary to protect the goodwill and other legitimate business interests of the Company. The parties also acknowledge and agree that the provisions of this Agreement do not adversely affect Executive's ability to earn a living in any capacity that does not violate the covenants contained herein. The parties further acknowledge and agree that the provisions of Section 9(a) below are accurate and necessary because (i) this Agreement is entered into in the State of Ohio, (ii) Ohio has a substantial relationship to the parties and to this transaction, (iii) Ohio is the headquarters state of the Company, which has operations worldwide and has a compelling interest in having its employees treated uniformly, (iv) the use of Ohio law provides certainty to the parties in any covenant litigation in the United States, and (v) enforcement of the provisions of this Agreement would not violate any fundamental public policy of Ohio or any other jurisdiction.
2.    Confidential Information. Executive shall hold in a fiduciary capacity for the benefit of the Company and all of its subsidiaries, partnerships, joint ventures, limited liability companies and other affiliates (collectively, the "Cardinal Group"), all secret or confidential information, knowledge or data relating to the Cardinal Group and its businesses (including, without limitation, any proprietary and not publicly available information concerning any processes, methods, trade secrets, research, secret data, costs, names of users or purchasers of their respective products or services, business methods, operating procedures or programs or methods of promotion and sale) that Executive has obtained or obtains during Executive's employment by the Cardinal Group and that is not public knowledge (other than as a result of Executive's violation of this Agreement) ("Confidential Information"). For the purposes of this Agreement, information shall not be deemed to be publicly available merely because it is embraced by general disclosures or because individual features or combinations thereof are publicly available. Executive shall not communicate, divulge or disseminate Confidential Information at any time during or after Executive's employment with the Cardinal Group, except with prior written consent of the applicable Cardinal Group company, or as otherwise required by law or legal process. All records, files, memoranda, reports, customer lists, drawings, plans, documents and the like that Executive uses, prepares or comes into contact with during the course of Executive's employment shall remain the sole property of the Company or the Cardinal Group company, as applicable, and shall be turned over to the applicable Cardinal Group company upon termination of Executive's employment.
Under the federal Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Executive’s attorney in relation to a lawsuit for



retaliation against Executive for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
Nothing in this Agreement shall (a) prevent Executive from testifying truthfully as required by law (b) prohibit or prevent Executive from filing a charge with or participating, testifying, or assisting in any investigation, hearing, whistleblower proceeding or other proceeding before any federal, state, or local government agency (e.g. EEOC, NLRB, SEC, etc.), or (c) prevent Executive from disclosing Company information in confidence to a federal, state, or local government official for the purpose of reporting or investigating a suspected violation of law.
3.    Non-Recruitment of Cardinal Group Employees, etc. Executive shall not, at any time during the Restricted Period (as defined below), without the prior written consent of the Company, engage in the following conduct (a "Solicitation"): (i) directly or indirectly, including via social media or professional networking services, solicit, recruit or employ (whether as an employee, officer, director, agent, consultant or independent contractor) any person who is or was at any time during the previous twelve months an employee, representative, officer or director of the Cardinal Group; or (ii) take any action to encourage or induce any employee, representative, officer or director of the Cardinal Group to cease his or her relationship with the Cardinal Group for any reason. A "Solicitation" does not include any recruitment of employees within or for the Cardinal Group. The "Restricted Period" means the period from the date of this Agreement until twenty-four months after Executive’s date of termination of employment or date of retirement, as applicable. The Restricted Period shall be extended and its expiration tolled by the time period in which Executive is in breach of any covenant in this Agreement to ensure that Executive does not benefit from any breach and that the Company receives the full benefit of two years protection from unfair competition on which it has relied in entering into this Agreement.
4.    No Competition -- Solicitation of Business. During the Restricted Period, Executive shall not (either directly or indirectly or as an officer, agent, employee, partner, consultant or director of any other company, partnership or entity) solicit, service or accept on behalf of any competitor of the Cardinal Group the business of (i) any customer of the Cardinal Group during the time of Executive's employment or at date of termination of employment, or (ii) any potential customer of the Cardinal Group which Executive knew to be an identified, prospective purchaser of products or services of the Cardinal Group.
5.    No Competition -- Employment by Competitor. During the Restricted Period, Executive shall not invest in (other than in a publicly traded company with a maximum investment of no more than 1% of outstanding shares), counsel, advise or be otherwise engaged or employed by any entity or enterprise that is in competition with the business conducted by any member of the Cardinal Group (other than a business that is not a significant business to the Cardinal Group as a whole or to the entity or enterprise as a whole).
6.    No Disparagement.
(a)    Executive and the Company shall at all times refrain from taking actions or making statements, written or oral, that (i) denigrate, disparage or defame the goodwill or reputation of Executive or the Cardinal Group, as the case may be, or any of its trustees, officers, security holders, partners, agents or former or current employees and directors, or (ii)

2

are intended to, or may be reasonably expected to, adversely affect the morale of the employees of the Cardinal Group. Executive further agrees not to make any negative statements to third parties relating to Executive's employment or any aspect of the businesses of the Cardinal Group and not to make any statements to third parties about the circumstances of the termination of Executive's employment or about the Cardinal Group or its trustees, directors, officers, security holders, partners, agents or former or current employees and directors, except as may be required by a court or governmental body.
(b)    Executive further agrees that, following termination of employment for any reason, Executive shall assist and cooperate with the Company with regard to any matter or project in which Executive was involved during Executive's employment with the Company, including but not limited to any litigation that may be pending or may arise after such termination of employment. Further, Executive agrees to notify the Company at the earliest opportunity of any contact that is made by any third parties concerning any such matter or project. The Company shall not unreasonably request such cooperation of Executive and shall cooperate with Executive in scheduling any assistance by Executive, taking into account Executive’s business and personal affairs, and shall compensate Executive for any lost wages or expenses associated with such cooperation and assistance.
7.    Inventions. All plans, discoveries and improvements, whether patentable or unpatentable, made or devised by Executive, whether alone or jointly with others, from the date of Executive's initial employment by the Company and continuing until the end of any period during which Executive is employed by the Cardinal Group, relating or pertaining in any way to Executive's employment with or the business of the Cardinal Group, shall be promptly disclosed in writing to the Company’s Chief Legal and Compliance Officer and are hereby transferred to and shall redound to the benefit of the Company, and shall become and remain its sole and exclusive property. Executive agrees to execute any assignment to the Company or its nominee, of Executive's entire right, title and interest in and to any such discoveries and improvements and to execute any other instruments and documents requisite or desirable in applying for and obtaining patents, trademarks or copyrights, at the expense of the Company, with respect thereto in the United States and in all foreign countries, that may be required by the Company. Executive further agrees at all times to cooperate to the extent and in the manner required by the Company in the prosecution or defense of any patent or copyright claims or any litigation or other proceeding involving any trade secrets, processes, discoveries or improvements covered by this Agreement, but all necessary expenses thereof shall be paid by the Company.
8.    Acknowledgement and Enforcement. Executive acknowledges and agrees that: (a) the purpose of the foregoing covenants, including without limitation the noncompetition covenants of Sections 4 and 5, is to protect the goodwill, trade secrets and other Confidential Information of the Company; (b) because of the nature of the business in which the Cardinal Group is engaged and because of the nature of the Confidential Information to which Executive has access, the Company would suffer irreparable harm and it would be impractical and excessively difficult to determine the actual damages of the Cardinal Group in the event Executive breached any of the covenants of this Agreement; and (c) remedies at law (such as monetary damages) for any breach of Executive's obligations under this Agreement would be inadequate. Executive therefore agrees and consents that if Executive commits any breach of a covenant under this Agreement or threatens to commit any such breach, the Company shall have the right (in addition to, and not in lieu of, any other right or remedy that may be available to it) to temporary and permanent injunctive relief from a court of competent jurisdiction, without

3

posting any bond or other security and without the necessity of proof of actual damage. If any of the covenants contained in this Agreement are finally held by a court to be invalid, illegal or unenforceable (whether in whole or in part), such covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining covenants shall not be affected thereby; provided, however, that if any of such covenants is finally held by a court to be invalid, illegal or unenforceable because it exceeds the maximum scope or duration determined to be acceptable to permit such provision to be enforceable, such covenant will be deemed to be modified to the minimum extent necessary to modify such scope or duration in order to make such provision enforceable hereunder.
9.    Miscellaneous.
(a)    This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without reference to principles of conflict of laws. If, under any such law, any portion of this Agreement is at any time deemed to be in conflict with any applicable statute, rule, regulation or ordinance, such portion shall be deemed to be modified or altered to conform thereto. The parties hereto irrevocably agree to submit to the jurisdiction and venue of the courts of the State of Ohio in any action or proceeding brought with respect to or in connection with this Agreement. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. This Agreement is the product of negotiation and shall not be construed strictly for or against any party.
(b)    All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Executive:
 
At the most recent address on file for Executive at the Company
 
 
 
 
If to the Company:
 
Cardinal Health, Inc.
 
 
7000 Cardinal Place
 
 
Dublin, Ohio 43017
 
 
Attention: Chief Legal and Compliance Officer

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

(c)    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of this Agreement, shall remain valid and enforceable and continue in full force and effect to the fullest extent consistent with the law.
(d)    Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right Executive or the Company may

4

have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
IN WITNESS WHEREOF, Executive has hereunto set Executive's hand and the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year first above written.



/s/ Jason M. Hollar            
Jason M. Hollar
Execution Date: 3/10/20                        


CARDINAL HEALTH, INC.

/s/ Ola M. Snow                                    
By: Ola M. Snow
Its: Chief Human Resources Officer
Execution Date: 3/11/2020                        



5
Exhibit 99.1


FOR IMMEDIATE RELEASE
IMAGE0A07.JPG
 
 
 
 
 
Media:
Erica Lewis
 
Investors:
Kevin Moran
 
(614) 787-0087
 
 
(614) 757-7924
 
Erica.Lewis@cardinalhealth.com
 
 
Kevin.Moran@cardinalhealth.com
 

Cardinal Health names Jason Hollar as new Chief Financial Officer

DUBLIN, Ohio, March 19, 2020 -- Cardinal Health (NYSE: CAH) announced today that its board of directors elected Jason Hollar as Chief Financial Officer, effective May 12. Mr. Hollar most recently served as the chief financial officer of Tenneco Inc., a global automotive products and services company.

“We are pleased to welcome Jason to the Cardinal Health family,” said Cardinal Health CEO Mike Kaufmann. “With his deep executive experience, as well as his expertise leading in dynamic environments, Jason will be a strong partner to me and the rest of our team. I’d like to thank Dave Evans for his exceptional contributions and leadership as our interim CFO. Dave will partner with Jason in the coming weeks to ensure a smooth transition and as we continue to create value in a changing marketplace.”

Mr. Hollar’s experience spans industries and geographies. In addition to serving as CFO of Tenneco and previously as CFO of Sears Holding Corporation, Mr. Hollar held senior finance roles at companies including Delphi and Navistar, demonstrating both breadth and depth across financial disciplines. He also managed regional operations around the globe and led multiple transformative initiatives to drive corporate strategies.

As Cardinal Health CFO, Mr. Hollar will lead financial activities across the enterprise, including financial strategy, capital deployment, treasury, tax, investor relations, accounting and reporting. He will report to Mr. Kaufmann as a member of the company’s Executive Committee and will succeed Dave Evans, who will continue to serve as CFO of Cardinal Health through May 11.

I am excited to join the Cardinal Health team,” said Mr. Hollar. “I look forward to partnering with Mike, his leadership team and the Finance organization to advance the company’s strategic transformation at this pivotal time in healthcare.”

About Jason Hollar
As Tenneco’s executive vice president and chief financial officer, Mr. Hollar was responsible for financial planning and analysis, accounting and reporting, tax, treasury and investor relations for the company.

Mr. Hollar joined Tenneco in June 2017 from Sears Holding Corporation, where he served as chief financial officer. Prior to Sears, Mr. Hollar worked with both Delphi Automotive and Navistar in a number of senior finance roles. He served as Delphi’s corporate controller and as vice president of finance for the company’s powertrain systems division, which also included oversight of the Europe, Middle East and Africa region. At Navistar, he held finance positions of



increasing responsibility in the company’s engine group, South America operations and corporate financial planning and analysis.

Mr. Hollar received his Master of Business Administration from The University of Chicago and his bachelor’s degree in business from Indiana University.

About Cardinal Health
Cardinal Health, Inc. is a global, integrated healthcare services and products company, providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician offices worldwide. The company enhances supply chain efficiency for clinically proven medical products, pharmaceuticals and cost-effective solutions. To combat prescription drug misuse, the Cardinal Health Foundation and its education partners created Generation Rx, a national drug prevention education and awareness program. The Foundation actively supports an array of other solutions, including efforts to reduce opioid prescribing, promote drug take back and safe disposal and expand collaborative community work. Cardinal Health is backed by nearly 100 years of experience with operations in nearly 46 countries. For more information, visit cardinalhealth.com.