What does it take to cut a CEO's compensation package by almost 20 percent? Ask David Brennan (photo [1]), head honcho at AstraZeneca. Brennan made 2.15 million pounds ($4.3 million) in 2007, about $2 million of that as base salary and the rest variable compensation. Though his base was set at 5.5 percent higher in 2007 than 2006, his total package dropped by 19 percent because of smaller bonus and decreased reimbursements for relocation expenses. (Brennan moved to the U.K. from the U.S. in January 2006, when he took over as CEO).
Still, Brennan's package didn't drop as much as AstraZeneca's stock did. Shares fell by 21 percent last year [2]. And apparently Brennan is willing to take the hit. According to the blog PharmaGossip, he turned down "an almost double-digit" pay increase for 2008.
- read AstraZeneca's compensation chart [3] for 2007 (pp. 106-107)
- check out the 2006 details [4] (p. 88)
- see Pharma Gossip's item [5]
Related Articles:
Analyst: AZ "worst performer" in pharma. Report [2]
AstraZeneca--Top 8 layoffs of 2007. Report [6]
AstraZeneca lays out road map for recovery. Report [7]
Links:
[1] http://www.fiercebiotech.com/story/image-astrazeneca-ceo-david-brennan/2007-11-02
[2] http://www.fiercepharma.com/story/analyst-az-worst-performer-pharma/2007-11-14
[3] http://www.astrazeneca-annualreports.com/annualreport2007/Downloads/AZ_Annual_Report_07.pdf
[4] http://www.astrazeneca.com/sites/7/imagebank/typeArticleparam511715/astrazeneca-annual-report-20F-2006.pdf
[5] http://pharmagossip.blogspot.com/2008/03/astrazeneca-ceos-bucket-of-money-gets.html
[6] http://www.fiercebiotech.com/special-reports/2-astrazeneca
[7] http://www.fiercebiotech.com/story/astrazeneca-lays-out-road-map-for-recovery/2006-06-08