Compensation Jumps 43% for Abbvie CEO
Compensation Jumps 43% for Abbvie CEO [Chicago Tribune]
From Chicago Tribune (IL) (March 19, 2013)
March 19--Richard Gonzalez’ final year at Abbott Laboratories was a lucrative one.
The CEO of AbbVie Inc., the North Chicago-based pharmaceutical company spun off from Abbott on Jan. 1, received a 43 percent hike in total compensation in 2012, according to a proxy statement filed late Friday with the Securities and Exchange Commission.
Gonzalez, 59, had total compensation of $7.9 million, up from $5.6 million in 2011. He received a salary of $863,942, stock awards valued at $3.3 million and a bonus of $2.5 million, based in part on surpassing financial goals set for Abbott’s pharmaceutical business and a host of other measures including helping orchestrate AbbVie’s split from Abbott, according to the proxy.
Other top AbbVie executives also received sizable pay bumps in 2012, including Laura Schumacher, the company’s general counsel and executive vice president of business development and external affairs. Her total compensation shot up 83 percent to $10.2 million in 2012, an amount that included a $1.1 million bonus for her role in the Jan. 1 separation. She had salary of $831,682, stock awards valued at $4.5 million and a performance-based bonus of $1.3 million, awarded based in part on successfully resolving litigation and for the company meeting certain financial targets.
William Chase, former Abbott vice president of licensing and acquisitions and current AbbVie chief financial officer, had 2012 total compensation of $4.2 million, up from $1.8 million in 2011.
Carlos Alban, former Abbott senior vice president of proprietary pharmaceutical products and current Abbvie executive vice president of commercial operations, had 2012 total compensation of $6.5 million, up from $3.9 million in 2011.
John Leonard, who heads pharmaceutical research and development, had 2012 total compensation of $5.5 million, up from $3.5 million in 2011.
At Abbott, CEO Miles White continued to add to his pay, ranked as one of the highest in Chicagoland.
White’s total compensation rose to $25.1 million in 2012, up from $24 million a year earlier. He had a total salary of $1.9 million, stock awards of $9.4 million and a bonus of $4.7 million. He also received $2.1 million in option awards and logged a $6.2 million rise in deferred compensation.
Abbott CFO Thomas Freyman’s total pay climbed to $9.7 million, up from $7.9 million in 2011.
pfrost@tribune.com -- Twitter: @peterfrost
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Posted: March 2013
