AstraZeneca's ousted chief executive David Brennan waived any claim to a bonus for the five months of 2012 before he resigned from the company.
Mr Brennan, who left on June 1 amid pressure from disgruntled shareholders, to be replaced by chief financial officer Simon Lowth on an interim basis, "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 chief executive", AstraZeneca has noted. The committee "determined that no such bonus would be awarded,” the Anglo-Swedish drugmaker added, stating that it was also decided that the share awards made to Mr Brennan in 2011 and 2012, thought to be worth as much as £3.5 million, should be forfeited.
However, Mr Brennan (pictured), who worked at AstraZeneca for 36 years, has received a lump sum of just over £914,000, in lieu of contractual notice, representing 11 months’ base pay. He is also getting around £1.5 million in shares from a 2010 awards scheme and possibly another £1.6 million as part of his annual bonus from previous years that were deferred into shares.
The former boss, who left after a number of major shareholders questioned whether he should lead the company as it battles to deal with several recent pipeline setbacks and patent expiries, still has a very healthy pension pot worth around £14.7 million at today's rates.