Roll up your sleeves, folks. It's time once again to dig through the numbers on executive pay. First up: Eli Lilly chief John Lechleiter (photo). According to figures disclosed in a regulatory filing, Lechleiter scored a hefty raise in 2009. A really hefty raise, in fact: More than 30 percent.
Part of the jump between 2008 and 2009 came because Lechleiter took over as CEO partway through the previous year, and in 2009 he obviously served the entire 12 months in that post. Plus, the company's 2008 performance wasn't super-special, a spokesman tells the Associated Press, meaning Lechleiter got less incentive pay than he might have otherwise.
But enough of the explanations: You want the numbers. According to the proxy statement, Lechleiter's total package came in at $20.9 million. But the Associated Press and Wall Street Journal both come up with $16.4 million, because of various accounting rules that affect the proxy's reporting of the numbers. The company itself tells the IndyStar that the "real" number is more like $15.9 million.
We'll take the middle road and call it $16.4 million. According to Dow Jones, that total comprises $1.48 million in salary, $3.55 million in incentive pay, $11.25 million in equity, and $90,091 in tax reimbursements and savings-plan matching.
Don't expect another pay-increase story for Lechleiter next year; he's asked to forego any salary or bonus increase for 2010, given "the business challenges the company faces."