Hassan gets $30M pay package

Fred Hassan (photo) may have his hands full these days, defending Vytorin and Zetia while cutting jobs and costs. But at least his pockets are full, too. The Schering-Plough CEO chalked up more than $30 million in 2007 compensation, according to the company's proxy. (The Associated Press totes up $24.7 million, because it leaves out pension benefits.)

The details: Salary came to $1.67 million, up from $1.65 million in 2006. He got no bonus, but did rake in $18.4 million in stock and options, more than double the amount he brought in last year. His $608,000 in perks included $146,680 for personal security.

One interesting note in the proxy: If the stock performance as of March 31, 2008 had been used to calculate compensation (rather than December 31, 2007) then Hassan's "five-year transformational incentive" would have paid out exactly nothing. The Vytorin controversy thus puts a big chunk of Hassan and his fellow Schering-Plough bigwigs' pay at risk, the proxy states. Duly noted.

- find Schering's proxy at the SEC
- check out Pharmalot's calculations
- see the Associated Press numbers
- get the specifics on Hassan's at-risk pay at the Shearlings Plowed blog

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