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Apr 15, 2013

CEO Perks

These 18 top dogs have got it good.

CEO Perks

Many CEOs receive plenty of job perks, including personal use of a company car and driver. [© dalaprod - Fotolia.com]

  • As Mel Brooks has said, “It’s good to be the king!” How good is it to be a CEO? You know what the top 10 biopharma CEOs are making; now, here is a list of 18 CEOs of biopharma giants sorted alphabetically, with details of their perquisites and compensation in 2012 not related to salary, stock, incentive payments, or retirement plans, as disclosed by the companies in annual reports and/or other regulatory filings with the U.S. Securities and Exchange Commission (SEC). CEOs are listed by total 2012 compensation, the top three elements of that compensation, and the figure for “all other” compensation listed by the companies, which often includes disclosures on perquisites.

  • Lamberto Andreotti

    Bristol-Myers Squibb CEO

    Perks and “all other” compensation: $818,078, all of it consisting of company contribution to savings plans. In its Proxy Statement for 2012, BMS said it “generally does not provide perquisites” to named executive officers, and had not done so last year with one exception, an executive vice president.

    Total 2012 compensation: $17,201,980

    Top three elements: Stock awards, $9.722 million; Non-equity incentive plan compensation, $3.845 million; Salary, $1.623 million

  • Robert Bradway

    Amgen, president and CEO effective May 23, 20121

    Perks and “all other” compensation: $420,059, consisting of $ 288,589 in company credits to supplemental retirement plan; $25,000 in company contributions to supplemental retirement plan; and “Perquisites and Other Compensation” totaling $106,470:

    • $65,009: Personal use of company aircraft
    • $17,805: Personal expenses on business travel
    • $15,000: Personal financial planning services, including tax preparation services
    • $4,256: Personal use of company car and driver
    • $2,564: Expenses related to guests accompanying Bradway on business travel
    • $1,836: Other expenses include gifts, the cost of executive physicals and personal transportation related costs

    Total 2012 compensation: $13,570,091

    Top three elements: Stock awards, $8.572 million; Non-equity incentive plan compensation, $3.316 million; Salary, $1.262 million

  • David Brennan

    AstraZeneca, CEO and director through June 1, 2012

    Perquisites and “other” compensation detailed within “Benefits” of £252,000 ($387,053)2 reported for 2012. The sum includes:

    • Up to £120,000 ($184,363): Allowance for relocation costs
    • £86,000 ($132,133): Cash paid in respect of dividends accrued on Ordinary Shares which vested in 2012, having been deferred in 2009 due to Brennan’s receiving an annual bonus awarded for performance in 2008
    • £17,000 ($26,119): Allowance for professional fees (legal and pensions advice in connection with Brennan’s retirement)
    • £13,000 ($19,975): Car allowance
    • £16,000 ($24,583): “Other benefits including healthcare insurance.”

    Total 2012 compensation: £3.232 million ($4.973 million)

    Top three elements: AstraZeneca performance share plan, £1,577 million ($2.426 million)3; Pay in lieu of notice, £914,000 ($1.406 million)4; Base salary, £499,000 ($767,758)

  • Kenneth C. Frazier

    Merck & Co., chairman, president, and CEO

    Perks and “all other” compensation: $56,374 in 2011 (2012 data unavailable at deadline), consisting of:

    • $35,349: Company car and driver
    • $11,025: Savings Plan company match
    • $10,000: Financial/Tax counseling and tax preparation services
    • $0: Other available perquisites, including company aircraft, personal security and home security monitoring system, relocation expenses, termination-related payments, and executive life insurance

    Total 2011 compensation (2012 data unavailable at deadline): $13,347,652, of which $510,000 of $1.5 million base salary was deferred

    Top three elements: Stock awards, $3.108 million; Non-equity incentive plan compensation, $3.097 million; Option awards, just under $3 million

  • Richard A. Gonzalez

    AbbVie, chairman and CEO5

    Perks and “all other” compensation: $449,288, consisting of:

    • $154,681: Earnings, fees and tax payments for non-qualified defined benefit and non-qualified defined contribution plans
    • $294,607: Non-business related flights

    Total 2012 compensation: $7,949,2175

    Top three elements: Stock awards, $3.342 million; Non-equity incentive plan compensation, $2.5 million; Salary, $863,942

  • Alex Gorsky

    Johnson & Johnson, chairman/CEO effective April 26, 2012

    Perks and “all other” compensation: $159,774, including $48,923 in registrant contributions to defined contribution plans; $6,960 in tax reimbursements6; $5,829 in insurance premiums; and “Perquisites and other personal benefits” totaling $98,062:

    • $51,706: car and driver for commutation and other personal transportation
    • $34,659: personal use of the corporate aircraft
    • Undisclosed: Home security monitoring fees—a portion of the $11,697 difference between reported $98,062 for “perquisite and other personal benefits” and the costs of corporate aircraft and car and driver

    Total 2012 compensation: $10,977,109

    Top three elements: Non-equity incentive plan compensation, $3.407 million; Stock awards, $2,790,229; Change in pension value and non-qualified deferred compensation earnings, $2.05 million

  • Joseph Jimenez

    Novartis, CEO

    Perks and “other benefits”: CHF 128,734 ($138,274), including unspecified “perquisites and other compensation valued at market price.”7

    Total 2012 compensation: CHF 13,228,188 ($14,207,321)

    Top three elements: Equity plan “select” shares, CHF 4.796 million ($5.151 million); Long-term performance plan, CHF 4.747 million ($5.098 million); Base compensation, CHF 2,025 million ($2.175 million)

  • John C. Lechleiter, Ph.D.

    Eli Lilly & Co., chairman, president, and CEO

    Perks and “all other” compensation: $90,000, consisting entirely of company match for each individual’s 401(k) plan contributions. “Perquisites and other personal benefits” totaled zero8

    Total 2012 compensation: $14,620,633

    Top three elements: Stock awards, $5.625 million; Increase in pension value, $4.424 million; Non-equity incentive plan compensation, $2.982 million

  • John C. Martin

    Gilead Sciences, chairman and CEO

    Perks and “all other” compensation: $7,500, which includes matching contributions made by the company on Martin’s behalf to the 401(k) employee savings and retirement plan. “Currently, perquisites and other personal benefits are not a significant component of our executive compensation program,” Gilead stated in its proxy statement, filed March 20 with the SEC.

    Total 2012 compensation: $15,257,272

    Top three elements: Option awards, $5.433 million; Stock awards, $4.947 million; Non-equity incentive plan Compensation, $3.375 million


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