Cencora

Leadership transition appears orderly: longtime COO Bob Mauch became CEO Oct 1, 2024, with Mark Durcan becoming independent Chair in Oct 2025. Execution under Collis/Mauch expanded specialty and international capabilities.

Governance has faced scrutiny tied to opioid oversight; a 2025 court‑approved derivative settlement channels ~$111M to the company but did not allege current misconduct. We view alignment as reasonable, with incentives around cash flow and growth, and an emphasis on maintaining IG ratings.