Wyeth’s Essner: A $32.M Pay Package
4 CommentsBy Ed Silverman // March 16th, 2007 // 2:39 pm
Wyeth continues to hunt for that next blockbuster, fend off lawsuits and get its stock to break through that $55 ceiling.
Meanwhile, the drugmaker’s board is treating ceo Bob Essner well. Last year, Bob took home $1.7 million in salary, $18.2 million in stock awards, $5.3 million in options awards and another $3 million in an incentive plan.
Bob also clocked flying time in corporate aircraft that was valued at more than $41,000 and another $13,500 was spent chauffering him around. The board, in fact, requires Bob and Bernie Poussot, the vice chair, to use aircraft for security and convenience. Bernie travels more, so he racked up flying time worth nearly $95,000, but only $2,500 in limos. He must not get to the office very much.
Here’s the proxy.
[tags]Bob Essner, Executive Pay, Wyeth[/tags]
heknows(not anymore)
What in the world is going on in USA??? Is it really possible that people like this CEO are so talented and important that they are worth this kind of money? In an industry that is selling products that are as hard to sell as “candy to the kids” they can justify such compensation. He knows has spent over 30 years with a major big pharma (top 3) and never saw any year to be difficult for the company or industry to the extent that good or excellent results would be a result of the CEO’s or any top managers talent. The boards have just gone way overboard. What is a mystery though that the shareholders and others who can change this are complately impotent or want to be impotent. Heknowsnomore.
ps. this same comment can be made for the Pfizer’s lady bellow. What a joke.
ed
A board would have to break the mold, stop offering pay that’s ‘in line with peers’ and comp up with a different scheme that really rewards - and punishes - performance. Riight now, they’re mostly throwing money around and saying they have to do so because everybody does it. Change requires imagination, guts and determination. Let us knowwhen you find board members with these characteristics. Have a nice weekend, ed
Melody
It doesn’t appears to be guts, imagination or determination that accurately describe either corporate boards, or the CEOs they endorse. Obviously few of them ever learned the lessons most teenagers are taught: Just because “everybody” is doing it doesn’t make it right, and doesn’t excuse you for inappropriate, harmful or destructive behavior.”
Regardless of economic performance, these elite who operate in very rarified air, ALWAYS get theirs. Only consumers, employees and shareholders earn the right to suffer the consequences of bad management.
heknows(maybe)
It is the CELEBRITY (effect) CEO, stupid! This has to be the most importan factor for the current situation if we assume that making any amounts of money is OK in the dog-eat-dog Amarican type of capitalism.
One can even go as far as conspiracy theory, by which there is a “deal” between the board’s memebers and the CEO. You scratch my back…. Those who care to follow Canadian events, look at the case of Conrad Black, now on trial in Chicago. If it is true what he and his “friends” did there was definetely some kind of “cooperation” from members of the board that included some of USA best known citizens. Check it out and follow it.