In a big pay boost last year, Perrigo CEO racks up $10M in stock awards

In the second half of 2015, Perrigo ($PRGO) realigned its fiscal year to line up with the calendar year--resulting in a 6-month-long "stub period." And even in that shortened time frame, CEO Joseph Papa netted more in total compensation than he did the entire fiscal year prior.

Joseph Papa

Between June 28 and Dec. 31 of last year, Papa garnered $11.5 million, topping the $10.7 million he made between June 2014 and June 2015. Most of the pay came in stock awards--$9.6 million of it, to be precise, with $1.5 million of that coming his way in recognition of the role he played in fending off hostile suitor Mylan ($MYL). He pocketed a $500,000 cash bonus for his role in the takeover defense, too. The Dublin drugmaker in December green-lighted smaller awards for CFO Judy Brown and General Counsel Todd Kingma as well.

Papa's stub-period base pay rose, too: He received a $612,000 salary--beating out the $591,875 he made in the 6 months prior--as well as $562,996 in nonequity compensation and $258,757 in other compensation, including long-term disability plan premiums.

Those figures, combined with half of what he made in the previous fiscal year, come out to a 2015 grand total of $16.9 million.

Keeping Mylan at bay wasn't all Papa and Perrigo accomplished in 2015. The company also closed its acquisition of coveted Belgian drugmaker Omega Pharma to bolster its position in the OTC space. And in October, it laid out a slate of shareholder-friendly moves to keep investors loyal, including cutting 800 jobs, consolidating its operations and kicking off a $2 billion stock buyback plan.

Meanwhile, though, sales and earnings aren't looking too hot. In February, the company announced that slow OTC sales--including a disappointing start for Omega--had contributed to sales and earnings numbers that missed analyst forecasts, and it took its 2016 earnings outlook down a peg, too.

- see the proxy filing

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