Hassan gets $30M pay package

Fred Hassan (photo [1]) may have his hands full these days, defending Vytorin and Zetia while cutting jobs and costs. But at least his pockets are full, too. The Schering-Plough CEO chalked up more than $30 million in 2007 compensation, according to the company's proxy. (The Associated Press totes up $24.7 million, because it leaves out pension benefits.)

The details: Salary came to $1.67 million, up from $1.65 million in 2006. He got no bonus, but did rake in $18.4 million in stock and options, more than double the amount he brought in last year. His $608,000 in perks included $146,680 for personal security.

One interesting note in the proxy: If the stock performance as of March 31, 2008 had been used to calculate compensation (rather than December 31, 2007) then Hassan's "five-year transformational incentive" would have paid out exactly nothing. The Vytorin controversy thus puts a big chunk of Hassan and his fellow Schering-Plough bigwigs' pay at risk, the proxy states. Duly noted.

- find Schering's proxy [2] at the SEC
- check out Pharmalot's calculations [3]
- see the Associated Press numbers [4]
- get the specifics [5] on Hassan's at-risk pay at the Shearlings Plowed blog

Related Articles:
A turbulent week for Fred Hassan [6]
Hassan bullish on Schering-Plough [7]
Schering-Plough laying off 5,500 [8]