Bad news for Genzyme CEO Henri Termeer (photo): The company has declined to give him a bonus this year, citing manufacturing woes at the Allston Landing plant. His total compensation came in at 25 percent below 2008 levels. But that lack of bonus isn't a surprise; Termeer had told the board not to award him one.
But that still left him with $9.5 million in total compensation. Salary accounted for $1.7 million of that, up slightly from the $1.6 million he drew in 2008. He also got $124,000 in additional retirement savings, up slightly from last year. Most of his compensation came in the form of restricted stock and stock options: $7.7 million.
When shareholders study Termeer's compensation package in the company's new proxy statement, they can also take a look at the latest salvo in the proxy fight with activist shareholder Carl Icahn. As you know, Icahn plans to advance four nominees to the Genzyme board.
The company makes clear that voting for those nominees would be a no-no: "We do not believe that this is in your best interests, and we do not endorse the election of any of the Icahn Entities' potential nominees as director," the company said in its first official response to Icahn's proxy-fight notification. Does this mean that Termeer is still open to hearing Icahn out? Stay tuned.