Onyx exec pay dwarfs profits

Onyx Pharmaceuticals turned a profit for 2008. Lucky for shareholders, even luckier for management. As BNet Pharma reports, the executive team at Onyx saw their pay rise in a big way. In fact, the increase in executive pay was about double Onyx's net income of $1.9 million.

The pay picture isn't exactly cut-and-dried because the company got a new CEO and added an HR chief to the mix. So, the old CEO got $2.5 million for his partial year's service, and the new one--N. Anthony Coles--was paid $2.8 million for his partial year, which began last March. For comparison's sake, the ex-chief was paid $2.6 million for all of 2007. Total CEO pay for 2008: $5.3 million.

CFO Gregory Schafer saw his pay bumped up to $818,000 from $690,000, which COO Laura Brege got a raise to $1.7 million from $1.4 million in 2007. The HR chief added to the exec committee--Judy Batlin--earned $937,000.

- read the BNet item