June ushered in a new CEO for AstraZeneca, the U.K.-based global biopharmaceutical company which ousted David Brennan for years of poor results. “Ironically, just a month ago, Brennan received an 11 percent pay raise” from the same board of directors. Part of the reward was for projected savings from Brennan’s elimination of 7,000 jobs, Ed Silverman reported in PharmaLot.
Two weeks after that increase for the chief executive, a €52.5 million fine was levied against the company for misleading patent regulators in order to block competition. Brennan’s biggest move as AstraZeneca CEO was to purchase MedImmune for $15 billion in 2007, an acquisition which has failed “to yield any substantive results” according to Silverman.
“An unconfirmed report in The Sunday Times suggests the outgoing CEO . . . will receive a $65 million exit package that includes an annual pension of approximately $1 million a year,” the articles say.