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Get filing alertsFortrea CAO resigns; CFO transition agreement finalizes $1M+ severance package
Filed July 14, 2026 · Period ending July 8, 2026 · ~1 min read
Key Changes
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CFO Jill McConnell's severance finalized at $1,017,500 (1x base salary plus target bonus), paid through September 2026 transition period plus consulting through March 2027 with continued RSU vesting.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Chief Accounting Officer Robert Parks resigns effective August 7, 2026 to pursue opportunity outside CRO industry; filing states departure not due to disagreement on operations, policies, or accounting practices.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Carrie Russell, VP of Accounting since August 2024 (previously 17 years at PwC including SEC Services group), named interim CAO starting August 7; receives $20,000 bonus plus $10,000 monthly during interim tenure.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Fortrea formalized the departure terms for CFO Jill McConnell, whose resignation was announced June 26, 2026. McConnell will remain through September 8 to assist with transition, then continue as a consultant through March 2027 while her restricted stock units continue vesting.
Her severance package totals $1,017,500, representing one times her $550,000 base salary plus her $467,500 target bonus, plus 12 months of COBRA coverage. Separately, Chief Accounting Officer Robert Parks resigned effective August 7 to pursue an opportunity outside the contract research organization industry.
The filing explicitly states his departure involves no disagreement with the company regarding operations, policies, or accounting matters. Carrie Russell, who joined Fortrea in August 2024 as VP of Accounting after nearly 17 years at PwC (including two years in PwC's National Office SEC Services group), will serve as interim CAO while the company searches for a permanent replacement. The dual accounting leadership transitions occur as Fortrea manages its CFO succession. The company has disclosed no timeline for permanent appointments to either the CFO or CAO roles.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Company and Jill McConnell entered into an Employment Transition Agreement and General Release, dated as of July 14, 2026 (the “Transition Agreement”), whereby the Company and Ms. McConnell have mutually agreed that Ms. McConnell will continue to be employed by the Company through September 8, 2026 (the “Transition Period”) to assist in the transition. ... Pursuant to the Separation Agreement, the Company will pay Ms. McConnell severance in a total amount of $1,017,500.00, less applicable taxes and withholdings (hereafter referred to as “Severance Pay”), which equals one times Ms. McConnell’s base salary of $550,000 plus Ms. McConnell’s target annual bonus for 2026 of $467,500.
Jill McConnell, whose CFO departure was previously announced on June 26, 2026, will remain employed through September 8, 2026 to assist with transition. She will receive total severance of $1,017,500 (one times base salary plus target bonus), paid in two installments, plus 12 months of COBRA premium coverage. Her restricted stock units will continue vesting through a consulting period ending March 8, 2027.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 15, 2026 · How we verify