Ex-AstraZeneca CEO David Brennan to forego bonus

17 July 2012

Anglo-Swedish drug major AstraZeneca (LSE: AZN) revealed yesterday the remuneration arrangements relating to David Brennan’s abrupt resignation as chief executive after 36 years service with the company, effective June 1, due to investor pressure on falling sales and profits, as well as R&D pipeline disappoints (The Pharma Letter April 26).

On leaving the company at a date determined by the board, Mr Brennan received a lump sum payment of £914,122 ($1.42 million) in lieu of contractual notice, representing 11 months’ base pay. Mr Brennan informed the remuneration committee that he did not wish to be considered for a bonus in respect of that part of 2012 during which he was CEO. The committee determined that no such bonus would be awarded and there should be no bonus award relating to the contractual notice period.

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