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Big Bonuses Paid To Departing Schering Execs

Posted by Jane Akre
Thursday, May 21, 2009 5:27 PM EST
Category: Major Medical, Protecting Your Family
Tags: Pharmaceutical Giants, Schering-Plough, Merck

Schering's Fred Hassan will leave company with $55 million in salary plus pension.

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IMAGE SOURCE: WSJ Online Web site 

 

With all eyes recently on the hefty bonuses collected by those leaving Wall Street, drug maker Schering-Plough is not far behind.  

The Wall Street Journal reports that top company executives may leave the company $108 million richer after pharmaceutical giant, Merck purchases the company.  The death is reportedly worth more than $41 billion.

Schering-Plough CEO Fred Hassan and nine top executives would receive $55 million after the Merck takeover and more than $52 million in pension benefit. Stock options and medical  benefits would be added to the parting gift, which the Wall Street Journal says could amount to more than $2 million. 

The information is found in a Schering securities filing. 

Individually, Hassan would receive an umbrella payment and pension worth about $30 million.   The takeover should be completed by the fourth quarter. 

The disclosure comes as caps are being considered for those executives who leave the financial services industry.

Merck and Schering-Plough already market the cholesterol drugs, Zetia and Vytorin together.  With the merger Merck hopes to reduce its work force by 15 percent.

The merger will still be called Merck, and for the next two years will be headed by Merck Chief Executive, Richard Clark.

The deal echoes another one for two drug giants, Pfizer agreeing weeks ago to buy Wyeth for $68 billion.

Changes among pharmaceutical companies are sparked by the loss of patents on blockbuster drugs coupled with proposals to reform healthcare that may see the price of drugs drop.  #


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