Schering-Plough CEO Fred Hassan took a massive compensation cut in 2008 but he will more than make up for that with an even larger potential $51 million change-of-control jackpot triggered by Merck’s acquisition of his company. All the top execs at Schering took huge compensation hits in 2008 as SGP stock tanked during the year, according to a filing with the SEC. (However, sales were up by 46 percent to $18.5 billion and net income was $1.7 billion following a loss in 2007 of $1.6 billion.)
Much of the pay reduction came in the form of clawbacks of stock awarded in previous years as punishment for underperformance. Schering called these “transformational incentive” stock awards that were “forfeited because performance targets were not met.”
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