Peter Dolan may have screwed up, but one wouldn’t know it by reviewing the package of goodies he was given by the Bristol-Myers Squibb board.

Last year, Petey was given $2.48 million, including a $1.04 million salary. Then there was ‘other’ compensation of $1.44 million, which included $43,235 for a car and driver (sometimes, for personal use); $91,611 for personal air travel, and $1.23 million in severance. To make sure Petey feels safe, Bristol kicked in $902 for a security system, and $222 for “repair services.” And in the event he doesn’t feel well, there’s $17,430 for continuation of health care.

Investors may be pleased to know that stock and options, which were worth $7.56 million when they were granted, were forfeited upon termination. However, Petey did receive retirement benefits valued at $9.69 million and paid life insurance equal to one times base pay for up to 51.5 weeks following his “separation” from the drugmaker.

Separated or not, Bristol is keeping him busy. Petey has been a paid consultant, a gig that ends in April, but has been paying $50,000 a month, plust ouf-of-pocket expenses. He must spend a lot of time helping the lawyers sort out the mess he left behind. And when the gig is up, he gets outplacement services of up to $75,000 and transition services of up to $25,000, whatever that means.

Obviously, Petey retained decent lawyers to negotiate his package both on the way up and out. Give him a credit: he may have messed up, but he took what he could for himself. The board tried to look tough by denying him a bonus, but got snookered by agreeing to some of these items. Yet its investors and employees who lose. So much for corporate governance.

Associated Press story;
And the proxy.
[tags]Bristol-Myers Squibb, Corporate Governance, Executive Pay, Peter Dolan[/tags]