Fred Hasan: Irse bien...con las manos llenas $59 Millones

Estuvo varias veces en este Blog... Hasta fuimos, años atrás, compañeros en Sandoz. Hoy se vá, pero no con las manos vacias...

Con la que esta cayendo...

Schering-Plough CEO Fred Hassan stands to receive a potential $59 million payout in his company’s merger with Merck, according to a filing with the SEC. The golden parachute comes as the new Merck-Schering entity prepares for $3.5 billion in job cuts and other efficiencies.

In Schering’s 2008 proxy statement, the company described its agreement with Hassan should control of the company change hands. Under such an event, Hassan would receive a package valued at the time at $59 million, according to a summary table of estimated payments in the document.

About $35 million of that package was in stock or options. As the stock market has fallen since April 23, 2008, when the agreement was filed with the SEC, that package is probably valued differently at this point.

The agreement also gives Hassan a $15 million “tax gross-up” cash payment. Hassan’s compensation in 2007 (the last year for which the numbers are available) was $30 million, and he had $41 million in a 401(k) account. That account has likely declined in value over the last 18 months.

Mas...