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- Departure of CFO (new) — CFO Jill McConnell is stepping down, though the filing explicitly states this is not due to disagreement on financial reporting or controls.
Fortrea appoints Jason Knoblauch as CFO effective July 6, replacing Jill McConnell
Filed June 26, 2026 · Period ending June 26, 2026 · ~1 min read
Key Changes
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Jason Knoblauch, 45, appointed CFO effective July 6, 2026, bringing 20+ years of life sciences finance experience from Clario (CFO), Curia (CFO), and PPD (interim CFO).
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Jill McConnell stepping down as CFO on July 6; departure not due to any disagreement on financial reporting, internal controls, or auditing matters.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Knoblauch's compensation includes $570,000 base salary, 85% target bonus, $1.25M cash inducement award, and equity grants worth ~$4M (RSUs and PSUs capped at 400,000 shares).
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Company reiterates full-year 2026 guidance: revenues $2,550M-$2,650M and adjusted EBITDA $190M-$220M, signaling continuity despite leadership change.
Exhibit 99.1 view on EDGAR →
Summary
Fortrea announced a CFO transition with Jason Knoblauch joining effective July 6, 2026, replacing Jill McConnell who is stepping down. The filing emphasizes McConnell's departure is not related to any disagreement on financial reporting, internal controls, or auditing—a standard disclosure meant to reassure investors during executive transitions. Knoblauch brings relevant industry experience as CFO at Clario and Curia, plus prior roles at PPD including interim CFO, positioning him well for the clinical research organization's financial leadership.
The company reiterated its full-year 2026 guidance ($2,550M-$2,650M revenue, $190M-$220M adjusted EBITDA) alongside the announcement, signaling management confidence that the transition won't disrupt operations or financial performance. Knoblauch's compensation package includes a $1.25M inducement award to offset forfeited compensation from his prior employer and equity grants worth approximately $4M with performance-based vesting, aligning his interests with long-term shareholder value. The CFO departure warrants monitoring through the transition period, but the planned handover and guidance reaffirmation suggest an orderly succession rather than a crisis-driven change.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Fortrea appoints Jason Knoblauch as CFO effective July 6, 2026, succeeding Jill McConnell who is stepping down.
Added in current filing · verify on EDGAR →
The Company’s Board of Directors (the “Board”) has appointed Jason F. Knoblauch, 45, as CFO and principal financial officer, effective as of the Transition Date.
Jason Knoblauch, 45, has been appointed CFO effective July 6, 2026. He brings over 20 years of finance experience in life sciences and clinical research, most recently serving as CFO of Clario and previously at Curia and PPD. The appointment fills the role being vacated by Jill McConnell.
Added in current filing · verify on EDGAR →
Pursuant to the terms of the Offer Letter, Mr. Knoblauch will be entitled to receive (a) an annual base salary of $570,000, less applicable withholdings and other payroll deductions, and (b) a target annual bonus of 85% of the base salary (the “Target Bonus”), which may be earned based on the achievement of short-term corporate and individual performance goals established by the Company’s Management Development and Compensation Committee (the “MDCC”) in accordance with the Company’s 2023 Omnibus Incentive Plan (the “Incentive Plan”), subject to his continued employment with the Company through the date of payment and the terms and conditions of the Incentive Plan. For the calendar year 2026, Mr. Knoblauch’s Target Bonus will be prorated. In addition, as an inducement to Mr. Knoblauch’s employment and to compensate for forfeited compensation from his prior employer, the Company will pay a cash inducement award of $1,250,000, payable $500,000 upon commencement of employment and $750,000 following one year of service
Knoblauch will receive a $570,000 base salary and target annual bonus of 85% of base salary. He will also receive a $1,250,000 cash inducement award to compensate for forfeited compensation from his prior employer, paid in two installments: $500,000 upon starting and $750,000 after one year of service.
Added in current filing · verify on EDGAR →
The awards consist of (i) RSUs with an aggregate grant date fair value of approximately $2,300,000, which vest in three equal annual installments from the Transition Date, and (ii) PSUs with an aggregate grant date fair value of approximately $1,700,000, which vest, if at all, at the end of a three-year vesting period and are contingent upon achieving certain performance goals using a formula that is generally consistent with the formula used
for PSU grants to other Company employees, as determined by the Board. The number of shares underlying these RSUs and PSUs is capped at an aggregate of 400,000 shares.
Knoblauch will receive inducement equity grants anticipated in September 2026: RSUs worth approximately $2,300,000 vesting in three equal annual installments, and PSUs worth approximately $1,700,000 vesting after three years based on performance goals. The total shares are capped at 400,000. This structure ties 42.5% of the at-target equity value to performance-based awards.
Event · Item 7.01 — Regulation FD Disclosure
Fortrea announced a Chief Financial Officer transition.
Added in current filing · verify on EDGAR →
On June 26, 2026, the Company issued a press release announcing the Company’s Chief Financial Officer transition.
Fortrea disclosed a Chief Financial Officer transition through a press release. The 8-K does not provide details about whether this is a departure, resignation, or planned succession, nor does it identify the incoming or outgoing CFO. The press release referenced as Exhibit 99.1 would contain additional details.
Event · Exhibit 99.1
Fortrea appoints Jason Knoblauch as CFO effective July 6, 2026, succeeding Jill McConnell who is stepping down.
Added in current filing · view on EDGAR →
Jason Knoblauch has been appointed as chief financial officer (CFO), effective July 6, 2026. He will succeed Jill McConnell, who is stepping down after successfully helping the Company become a leading, independent global CRO, and is committed to ensuring a smooth transition.
Fortrea announced a CFO transition with Jason Knoblauch joining from Clario (where he was CFO) effective July 6, 2026. Jill McConnell is stepping down but will ensure a smooth handover. Knoblauch previously served as CFO at Curia and held financial leadership roles at PPD including interim CFO.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 2, 2026 · How we verify