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Posted 21 February, 2024

AGILENT TECHNOLOGIES, INC. appointed Padraig McDonnell as new CEO

NYSE:A appointed new Chief Executive Officer Padraig McDonnell in a 8-K filed on 21 February, 2024.


  On February 20, 2024, the Board appointed Padraig McDonnell, age 52 and a Senior Vice President of the Company, as Chief Operating Officer ("COO") and CEO-elect.  

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Overview of AGILENT TECHNOLOGIES, INC.
Health Care/Life Sciences • Medical Equipment/Supplies
Agilent Technologies, Inc. engages in the provision of application focused solutions for life sciences, diagnostics, and applied chemical markets. It operates through the following segments: Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. The Life Sciences and Applied Markets segment offers application-focused solutions that include instruments and software that identify, quantify, and analyze the physical and biological properties of substances and products, as well as the clinical and life sciences research areas to interrogate samples at the molecular and cellular level. The Diagnostics and Genomics segment consists of activity providing active pharmaceutical ingredients for oligo-based therapeutics, as well as solutions that include reagents, instruments, software and consumables. The Agilent CrossLab segment includes startup, operational, training and compliance support, software as a service, and asset management and consultative services. The company was founded in May 1999 and is headquartered in Santa Clara, CA.
Market Cap
$43.3B
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AGILENT TECHNOLOGIES, INC. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(b) On February 20, 2024, Michael McMullen, President and Chief Executive Officer ("CEO") of Agilent Technologies, Inc. (the "Company" or "Agilent"), notified the Company that he will retire as President and CEO of the Company and as a member of the Company's Board of Directors ("Board") on May 1, 2024. From May 1, 2024 through October 31, 2024, Mr. McMullen is expected to continue his employment with the Company as a senior advisor.


(c) On February 20, 2024, the Board appointed Padraig McDonnell, age 52 and a Senior Vice President of the Company, as Chief Operating Officer ("COO") and CEO-elect. Upon Mr. McMullen's retirement, the Board intends to appoint Mr. McDonnell as CEO. The Company also intends to nominate Mr. McDonnell to the Board upon Mr. McMullen's retirement. Since joining Agilent in 1998, Mr. McDonnell has served in a series of progressively more responsible general management positions and has served as Senior Vice President, Agilent and President of Agilent CrossLab Group since 2020.


In connection with Mr. McDonnell's appointment as COO, the Compensation Committee of the Board of the Company (the "Committee") approved the following changes to Mr. McDonnell's compensation package, effective as of March 1, 2024: (i) an increase in Mr. McDonnell's annual base salary to $900,000; (ii) an increase in Mr. McDonnell's target award percentage under the Company's Performance-Based Compensation Plan for Covered Employees to 100% of annual base salary and (iii) a grant of (x) an option to purchase shares of Company common stock valued at $400,000, (y) restricted stock units of the Company's common stock in the target amount of $400,000 and (z) performance-based restricted stock units of the Company's common stock in the target amount of $1,200,000. The stock option, restricted stock units and performance-based restricted stock unit award are subject to the standard terms and conditions of the Company's forms of equity award agreements under Agilent's 2018 Stock Plan, as amended. The performance-based restricted stock unit award will vest on October 31, 2026 with the actual payout ranging between 0% and 200% of the target based on the Company's actual performance against performance goals established by the Committee for the three-year period ending on October 31, 2026. Mr. McDonnell has no family relationship with any directors or executive officers of the Company, nor are there any arrangements or understandings between Mr. McDonnell and any other persons pursuant to which he was selected as an officer of the Company. There are no related party transactions between Mr. McDonnell and the Company reportable under Item 5.02 of Form 8-K and Item 404(a) of Regulation S-K.


The Company issued a press release on February 21, 2024 announcing Mr. McMullen's plan of retirement and the appointment of Mr. McDonnell as COO and CEO-elect. A copy of the press release is attached as Exhibit 99.1 to this report and incorporated by reference herein.