A Swiss referendum approved by voters this spring gave shareholders the right to reject pay packages for top managers and outlawed certain types of executive largesse. But another is coming up that makes those rules look lenient.
Want to know how much Jeremy Levin makes? You'll soon find out. The numbers on Teva Pharmaceutical Industries' CEO pay will finally go public, now that the company has settled a lawsuit from investors angry about the compensation secrecy.
CEO pay in Europe continues to be a flashpoint given the high unemployment and austerity measures the workaday folk on the continent face. Still, a new analysis shows the CEO's of European drugmakers continue to pull in far less than their U.S. counterparts.
Amgen's new CEO scored a big raise when he was promoted last year. Robert Bradway took over from ex-chief Kevin Sharer at the end of May, and by year's end, he had racked up $13.57 million in compensation for the year, almost twice what he made in 2011 as president and COO. And his predecessor's pay dropped by half, knocking him off our list of highest-paid biopharma executives.
Bristol-Myers Squibb CEO Lamberto Andreotti got a 15% raise last year. And that's on top of a 26% increase the year before. Andreotti's 2012 compensation package amounted to $17.2 million, up from $11.8 million two years ago.
Eli Lilly CEO John Lechleiter took a pay cut last year--sort of. His 2012 compensation declined by 15%, to $14.6 million. But as Dow Jones reports, the drop stems from a smaller increase in the value of his pension.
GlaxoSmithKline CEO Andrew Witty--and his colleagues--have another reason to lament European austerity. Their bonuses and long-term incentive pay dropped, by half in Witty's case, as as a "very challenging operating environment" hampered the company's performance.
Outgoing Roche Chairman Franz Humer will get a bonus when he leaves next year, Vice Chairman Andre Hoffman told shareholders. But it will be "completely different" from the $76 million fellow Swiss drugmaker Novartis originally planned to pay ex-chairman Daniel Vasella.
Allergan CEO David Pyott won quite a payday in 2012. In addition to the usual million-dollar-plus salary and bonus, Pyott nabbed a $9.4 million stock award, bringing his total to $21.2 million.
The news of Daniel Vasella's $78 million payoff from Novartis couldn't have surfaced at a worse time. Once again, the Swiss drugmaker becomes a lightning rod for executive-pay watchdogs. And now, lightning is striking just days before the Swiss are due to vote on a proposal designed to rein in executive compensation.