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Back to Ohio…

Last week, Cardinal Health (CAH) announced a series of management changes including naming George Fotiades as President and Chief Operating Officer. He had been president and CEO of Cardinal’s Life Sciences unit. The promotion, which includes a 35% raise and a bonus of 160% of his base salary of $725,000 (up from 130% of $540,000 in his prior employment contract according to an SEC filing) requires him to move from New Jersey to Ohio. In the same SEC filing, Cardinal also included a new employment contract for Chairman and CEO Robert D. Walter, whose contract was set to run out at the end of June. That contract is essentially the same as his old one: salary of $1 million, a bonus of 250% of his base salary, and stock incentives worth at least 3000% of his base salary.