Fred Hassan - Schering Plough
Total Compensation: $12.9M
Details: 2008 was a tough year for Fred Hassan. Schering's stock was hit hard last year following a dramatic drop in Vytorin sales due to negative results from the company's Enhance study. Some called for the company's execs to forfeit their bonuses, claiming that had the results been published before January 2008, the company's leaders wouldn't have been awarded the hefty bonuses they received. Eventually Hassan gave into pressure and hashed out $1.5 billion restructuring plan: 5,500 Schering employees lost their jobs, while the CEO and the other top execs lost a good chunk of their salaries.
Hassan was awarded $1,720,250 in base pay and $7,094,661 in option awards. But since Schering failed to meet its performance goals, Hassan had to forfeit $8.6 million in stock. He elected to defer another $877,328 in stock, and won't see the $3,380,251 he actually was awarded until he retires or leaves the company. All in all, the exec walked away with less than half of what he made in 2007. Ouch. But the CEO still received the same perks as some of his top-paid peers, including $620,266 for personal use of the company aircraft, a car and driver, and personal and home security, among other things.
Schering-Plough stock down on Vytorin sales
Schering to ask shareholders about exec pay
Should Hassan forfeit $13 million?
Vytorin debate heats up ESC
Schering-Plough laying off 5,500