Zoetis appoints James Saccaro as CFO and COO in newly created combined role

The Offer Letter provides for (a) an annual base salary of $1,000,000, (b) an annual target incentive opportunity under the Company’s Annual Incentive Plan of 100% of his base salary, with his bonus for 2026 to be paid at target and pro-rated for the length of service with the Company in 2026, (c) an annual target long-term incentive opportunity of $5,000,000 (which would currently comprise performance stock units (50%), restricted stock units (25%), and stock options (25%)), (d) eligibility to participate in the Company’s Executive Severance Plan and (e) eligibility to receive relocation assistance and to participate in the Company’s benefits plans and programs as applicable to other similarly situated senior executives. Mr. Saccaro will also receive a one-time make-whole award of restricted stock units with a grant date value of $6,250,000, which will vest ratably in thirds on the first three anniversaries of the grant date, and a one-time make-whole cash award of $1,250,000, which will be subject to repayment to the Company in the event Mr. Saccaro’s employment is terminated under certain circumstances within the first year of employment.

Pursuant to the Letter Agreement, after August 16, 2026, or such later date as may be determined by the Company (the “Transition Date”), Mr. Joseph will transition from his role as Executive Vice President and Chief Financial Officer to remain employed by the Company as a non-executive officer of the Company through the earlier of February 28, 2027 and a mutually agreed termination date (the “Termination Date”). Following the Transition Date and until the Termination Date, Mr. Joseph has agreed to assist in the proper transition of his duties and responsibilities and provide advisory services to the Company.

Until the Termination Date, Mr. Joseph will continue to receive his current rate of annual base salary, participate in the Company’s employee benefit plans and continue to vest in his outstanding equity awards. For calendar year 2026, he will be eligible to receive an annual incentive award based on his annual incentive target currently in effect and subject to Company performance-based funding. Upon his termination of employment on the Termination Date, Mr. Joseph will be eligible for separation benefits pursuant to Section 3.1 of the Company’s Executive Severance Plan and he will be entitled to benefits thereunder in accordance with the terms and conditions of the plan. His outstanding equity awards will be treated as though his termination of employment occurred pursuant to a “Restructuring Event” under the terms of the applicable award agreements.

Zoetis Inc. (NYSE: ZTS) today announced the appointment of James (Jay) Saccaro as Executive Vice President, Chief Financial Officer and Chief Operating Officer, effective August 17, 2026. In this newly created role, Mr. Saccaro will lead Zoetis’ global finance function, shaping capital allocation, financial strategy, reporting and controls, and investor engagement and oversee Global Manufacturing and Supply to drive operational execution and performance.

With Mr. Saccaro’s appointment, Wetteny Joseph will transition to an advisory role effective August 17, 2026. Mr. Joseph has agreed to remain with the company as a Special Advisor to the CEO on financial matters until early 2027 to facilitate a smooth transition.

Jay brings a unique combination of skills to this newly created leadership position. He is a seasoned finance executive with 12 years of CFO experience at some of the world’s leading healthcare companies and has proven expertise in successfully developing and executing company-wide strategic initiatives. Jay’s track record of designing financial frameworks that balance R&D investment with operational rigor and efficiency will be a significant asset as we sharpen our competitive edge and invest in our future growth platforms. In this expanded role, Jay will also continue to strengthen our global manufacturing and supply operations, enhancing supply chain and distribution performance, and driving greater operational excellence and agility.