29.10.2012 • NewsAstraZenecaPeopleManagement

New AstraZeneca CEO Gets $6.4 Million for Jumping Ship

Struggling British drugmaker AstraZeneca is giving its new chief executive Pascal Soriot 4 million pounds ($6.44 million) compensation for loss of long-term incentives from his previous employer Roche.

Soriot - who started in his new post on Oct. 1 after David Brennan left under a cloud of investor discontent four months earlier - will get the award in shares and will have to wait up to eight years to receive the full amount.

The pharmaceutical company, which is battling to turn itself around as key drugs lose patent protection, also said on Monday that Soriot's base salary will be 1.1 million pounds a year, up from the 997,223 pounds Brennan received in 2011.

On top of this, Soriot is eligible for a target annual bonus of 100% of base salary and a target expected value for annual long-term incentive awards of 250 percent. He also gets 991,080 pounds for loss of his 2012 bonus at Roche, which he is required to invest in AstraZeneca shares.

The scale of the task facing Soriot was highlighted last week when the group reported a 19% fall in third-quarter sales.

Soriot said on Oct. 25 that buying in products would be an important way of rebuilding the pipeline and he promised to update investors about his strategic plans when the company announces full-year results at the end of January.

 

 

 

Innovation Pitch

The Start-up Platform for Chemistry & Life Sciences
Discover Tomorrow’s Innovators

The Start-up Platform for Chemistry & Life Sciences

CHEManager Innovation Pitch supports innovation in the chemistry and life sciences start-up scene. The platform allows founders, young entrepreneurs, and start-ups to present their companies to the industry.

Special Issue

Circular Plastics Economy
Explore the Future of Plastics

Circular Plastics Economy

This special CHEManager issue explores the industry’s pivotal shift towards a more sustainable, circular plastics value chain. Readers will find expert analysis and real-world solutions for today’s most pressing recycling and regulatory challenges.

most read

Photo
28.07.2025 • NewsChemistry

VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.