Pharma CEOs still reaping rewards
posted Thu, 21 Apr 2011The AP just ran a story about the 65 percent increase that Richard Clark, Merck's former CEO, got in compensation last year. Most of us can't even imagine such a huge pay hike. With the U.S. economy in shambles and Americans struggling to pay for their prescriptions, this drug company's CEO received a total of $24.6 million. For one year of work.
And Clark isn't alone. Pfizer's stock seriously declined during former CEO Jeffrey B. Kindler's tenure, and he was pushed to "retire" last year. Despite this, his compensation increased 66 percent in 2010. He took home a whopping $24.7 million (including his severance package of $4.5 million). And even though Johnson & Johnson had too many recalls to count in the last year, CEO William Weldon still received $28.7 million (after a $1.98 million slap on the wrist).
Is it any wonder that drug prices are skyrocketing? If only we all had such generous compensation packages to help us keep up with the prices!