Lilly Dumps 191 Sales Reps As Part Of Cost-Cutting
1 CommentBy Ed Silverman // November 3rd, 2009 // 7:13 am
The drugmaker notified the Indiana Department of Workforce Development that it will eliminate 191 sales jobs as part of a company-wide restructuring announced in September that ultimately will result in 5,500 job cuts by the end of 2011, according to the Indiana Business Journal.
The will come from the osteoporosis, diabetes and neuroscience sales forces at Lilly Technology Center South. Their last day of employment is expected to be Dec. 31, Lilly said. However, affected employees will have the opportunity to apply for open positions within the company from Nov. 30 to Dec. 2 and again on Dec. 9 (here is the notice Lilly filed with the state).
Lilly, which had $20 billion in total revenue last year, hopes to shave $1 billion mainly by reducing its worldwide work force from 40,500 to 35,000. Its Oct. 30 notice to the state provides the first indication of which Indiana employees will be affected by the restructuring.
Anonymous Patient
What do the folks at Fierce Pharma say…
John Lechleiter - Eli Lilly
Total Compensation: $13M
Details: With Lechleiter’s move up to the top spot at Eli Lilly, the company’s executive compensation committee increased his annual salary by 21 percent to $1.4 million, effective April 2008. He received $6.62 million in stock and $2.2 million in non-equity incentive plan compensation. Finally, Lechleiter garnered $87,107 in “other” compensation, including $80,348 for savings plan match and the rest for tax reimbursements for expenses for his spouse to “attend certain company functions involving spouse participation.”
Read more: http://www.fiercepharma.com/special-reports/eli-lillys-john-lechleiter-ceo-pay#ixzz0VoscdIIA
But no worries, his predecessor retired with a 42 million dollar nest egg…….