9. Alex Gorsky, Johnson & Johnson
2018 pay: $20.10 million
2017 pay: $29.80 million
Johnson & Johnson may have nailed its financial goals for 2018, but CEO Alex Gorsky still saw his pay drop—and not just a little.
Gorsky took a $9 million-plus pay cut for the year—going to $20.1 million from $29.8 million in 2017—with his pension value bearing the brunt of the decline. It recorded a goose egg in the increase column, down from $6.96 million the year prior.
That wasn’t the only column that saw a decrease, though. The New Jersey drugmaker’s helmsman also saw his stock awards drop by $2 million to $10.32 million, and his options totaled $4.32 million instead of the $5.05 million they measured in 2017.
Gorsky’s base salary, on the other hand, climbed—if only a bit—after a year in which J&J exceeded both its sales and EPS growth targets and hit various other strategic goals, including bolstering the pipeline and creating value through M&A transactions. It checked in at $1.64 million, an increase of $42,308.
And other compensation, which includes personal use of J&J’s corporate aircraft, a car and driver for personal transportation, and home security-related fees, inched upward too, to $259,710 from $236,279 in 2017.
Meanwhile, Gorsky will have his work cut out for him going forward as a wave of patent expirations test the company’s top-performing pharmaceutical unit. The pharma giant will likely face a “trough” year in 2019, CFO Joe Wolk told investors on April’s first-quarter conference call, and it’ll be up to Gorsky to navigate generic and biosimilar competition to the “well-above market growth” the company expects at the end of the tunnel.