Perrigo revives executive severance policy amid CEO transition

Perrigo Company plc disclosed in an 8-K filed for a June 29, 2026 event that the company reinstated the Perrigo Company plc Executive Committee Severance Policy, as amended and restated, which had previously ended effective January 15, 2020.¹

The policy applies broadly across leadership. All of the company's executive officers, except for the Interim Chief Executive Officer and any successor CEO, are eligible to take part in the policy.¹

The plan covers a defined transition window and sets specific payout terms. It runs from June 7, 2026 until 12 months after a successor to Patrick Lockwood-Taylor starts as CEO, a stretch the filing calls the "Transition Period." During that window, an executive terminated without cause or who resigns for "good reason" would receive 1.5 times the combined value of base salary and target bonus, spread over an 18-month severance period, with the company also covering its share of COBRA health insurance costs during that time.¹

Beyond cash severance, the policy adds other transition benefits. Eligible executives would also get a bonus prorated for actual performance in the year they leave, plus assistance transitioning to new roles.¹ The policy is set to expire once the Transition Period ends.¹

Any payments come with strings attached. Executives must sign a release of claims and agree to confidentiality, invention assignment, non-disparagement, non-compete and non-solicitation terms to receive the benefits.¹

The filing was signed by General Counsel and Company Secretary Charles Atkinson on July 6, 2026, and followed the company's June 7, 2026 appointment of Albert A. Manzone as Interim President and CEO, with his employment agreement finalized separately on July 3, 2026, according to a related 8-K/A.