Cardinal Health approves quarterly dividend, announces board leadership changes

DUBLIN, Ohio - Cardinal Health on Wednesday announced that its board of directors approved a cash dividend of $0.34 per common share payable on Oct. 15, 2014, to shareholders of record at the close of business on Oct. 1, 2014.

 

The board of directors also authorized an increase by $1 billion to its existing share repurchase program announced on Oct. 31, 2013.  With this addition, the Cardinal Health program has approximately $1.7 billion available for share repurchases and expires on Dec. 31, 2016. 

 

Also, John Finn, a Cardinal Health director since 1994, has informed the company that he has decided not to stand for re-election when his term expires at the 2014 annual meeting of shareholders. Effective Nov. 1, 2014, the board has appointed Gregory Kenny as lead director and chair of the Nominating and Governance Committee. Kenny, who has served as a director since 2007, will succeed Finn, lead director since 2009 and chair of the Nominating and Governance Committee since 2012.

 

"John's impact on Cardinal Health is incalculable. For two decades, John has been a source of insight, experience, instinct and collaboration," stated George Barrett, chairman and CEO of Cardinal Health. "As lead director, he has played an extremely influential role on our board and has been an extraordinary partner to me. I've come to depend on his keen judgment. I know I speak for all of us in wishing John the very best."

 

In addition, effective Nov. 1, David King will become chair of the Human Resources and Compensation Committee. Clayton Jones also has assumed the role of chair of the Audit Committee.