Wow! Kind of takes my breath away. I believe in capitalism … and top execs are paid for performance. But just wow! What do you think????
With revenue growth and cost cuts under his belt, Lilly chief Ricks chalks up $15.8M in pay, as reported by Tracy Staton on FIercePharma.com on 2 March 2018.
Since Eli Lilly CEO David Ricks took the helm last year, he’s shaken up management twice, launched new cost-cutting measures and instituted thousands of job cuts. And he collected a compensation package of nearly $16 million for his efforts.
For his first year in office, Ricks racked up a $1.4 million base salary and $2.8 million in incentive pay, plus stock awards—including shares that vest according to future performance—valued at $10.2 million, according to Lilly’s 2018 proxy statement. The worth of the performance shares was estimated based on 2017 benchmarks, which would have delivered the “maximum” in value to Ricks, the proxy states. That’s $5.1 million. For the other equity awards, with payouts based on shareholder value, Ricks would have collected $5.1 million. An increase in pension value amounted to $1.7 million, and Ricks received 401(k) matching funds worth $84,000, the proxy says, but no other perks or special benefits.
Total: $15.84 million.
Read more: Lilly chief Ricks chalks up $15.8M in pay