Ex-AstraZeneca chief forfeits up to £3.5M in exit pay

Ex-CEO David Brennan was expected to carry his moneybags out the door at AstraZeneca. Till now, just how much those bags would contain was open to speculation. Turns out that Brennan's retirement haul won't be as large as it could have been. But it's still a pretty hefty sum.

Brennan, who officially left the company ($AZN) June 1, said he'd relinquish his 2012 bonus completely, and the board didn't argue. "Mr Brennan informed the Remuneration Committee that he did not wish to be considered for a bonus in respect of that part of 2012 during which he was Chief Executive Officer," the company said in a statement. "The Committee determined that no such bonus would be awarded."

The board's compensation committee decided to keep the stock it might have awarded Brennan for this year--and to hang onto the shares awarded last year, too. Total forfeit, according to the Financial Times: as much as £3.5 million (or $5.43 million).

So, Brennan might not be swimming in cash like a certain Walt Disney character. But he'll have enough to wade in: According to AstraZeneca, Brennan did walk away with £915,000 in cash ($1.4 million), plus shares worth £1.5 million ($2.33 million) from his 2010 incentive plan. He could earn more shares if certain 2010 goals are met. And then there's his pension, built up over 36 years with the company; it has a transfer value of $23 million, FT reports.

Total? About $26.7 million, with an additional $3.1 million in stock if those 2010 incentive goals are met going forward. If you have to bow out under pressure from major shareholders, that's not a bad consolation prize.

- see the AstraZeneca release
- read the FT story
- get more from the Telegraph

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