Zoetis appointed former GE Healthcare CFO Jay Saccaro as its new CFO and chief operating officer, effective August 17, according to a securities filing and press release.
With this appointment, Zoetis’ current CFO, Wetteny Joseph, will transition to a special advisor role, effective August 16.
Joseph will remain with the company in a non-executive capacity until February 28, 2027, or a mutually agreed termination date, the filing states.
Saccaro brings a unique combination of skills to this newly created leadership position, according to Zoetis CEO Kristin Peck.
Peck said Saccaro’s track record of designing financial frameworks that balance R&D investment with operational rigor and efficiency will be a significant asset.
Zoetis is seeking to invest in new growth opportunities as economic headwinds have changed the nature of competition for the business, Peck said during the company’s second quarter earnings call.
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Saccaro served as CFO for Baxter International Healthcare for nine years, according to his LinkedIn profile.
Saccaro’s appointment comes shortly after GE Healthcare announced he would be departing from his role as CFO after a three-year tenure.
As both CFO and COO, Saccaro will receive an annual base salary of $1 million, according to the SEC filing.
He is also eligible for an annual target bonus opportunity of 100% of his base salary, and an annual target long-term incentive opportunity of $5 million.
Zoetis faces market challenges, including rising prices that have led to consumer pet owners becoming more selective about how they spend.
Newer entrants are moving into the market, using higher discounting and other incentives to compete for patients, Peck said.
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Results for Zoetis’ second quarter ended June 30 were below expectations, with a 5% slump in net income year-over-year, hitting $691 million for the period.
Revenue for the quarter remained relatively flat, decreasing by 1% on an operational basis to $2.5 billion, according to the earnings release.
The company is “moving with urgency” to ensure it can maintain its leadership position in the market and drive growth, including by “evolving our leadership team to more closely align” with the execution of those initiatives, Peck said.
The newly-created dual CFO and COO role will give Saccaro “broad oversight of all finance functions as well as global manufacturing and supply,” Peck said.
“We are in an important moment that requires speed and agility and this change is all about enabling faster decision-making, greater connectivity across the supply chain, and accelerated turnarounds from strategic planning to execution. We are confident that we found the right leader with the right background to step into this new role.”
