McKesson criticize (Teamsters) for ‘excessive’ CEO pay

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Erika Fry Jul 10, 2017

In his 17 years as CEO of McKesson, the nearly $200 billion drug distributor that ranks No. 5 on this year’s Fortune 500, John Hammergren has made a lot of money. 

He took home $639 million in total compensation in the last decade alone, according to company filings. In 2010, he made roughly $398,000 a day. His house in the hills of Orinda, Calif., went on the market last year for $22.5 million; realty photos of the place showed a four-car garage harboring Ferraris. 
His $97.6 million in total earnings for the 2017 fiscal year (which ended in March) included the $285,270 the company reimbursed him for the installation of home security devices and/or security monitoring services.

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Hammergren is consistently one of America’s highest-paid executives, and as such, his compensation has been scrutinized and pilloried over the years—in 2013, shareholders overwhelmingly said no to his pay package (something shareholders rarely ever do). But this year, a considerable amount of outrage over the CEO’s compensation is focused on a $1.1 million slice of his $97.6 million compensation pie—and that outrage is closely related to the country's spiraling opioid crisis.

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The $1.1 million is the amount the McKesson board’s compensation committee boosted Hammergren’s annual bonus pay this year—a cherry on top of all that other cash—through the use of an “individual performance modifier,” an assessment that incorporates a range of non-financial metrics including alignment with the company’s much touted “ICARE” principles—Integrity, Customer first, Accountability, Respect, and Excellence. Good behavior, in essence.(...)

The International Brotherhood of Teamsters owns shares in the company through its pension and benefit funds. In a letter sent late last week to fellow McKesson shareholders, the union took aim at the issue: “It is staggering that Hammergren received a $1.1 million boost to his bonus just months after the company announced it had reached a record $150 million settlement with the DEA in a year the company faces mounting litigation, negative press and Congressional scrutiny.” 

The Teamsters against excessive pay at McKesson.

Noting the executive received the same 150% upward adjustment to his bonus the previous four years, the union implored shareholders to vote against Hammergren’s compensation package at the company’s upcoming annual shareholder meeting on July 26. (These votes are non-binding but theoretically inform the board for future consideration.)
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