Posted on March - 28 - 2010
£1.2m bonus for Zeneca boss
Astra Zeneca chief executive David Brennan has pocketed a cash bonus of £1.2m.
Thousands of jobs have been axed at the drugs giant as part of a huge reorganisation programme which began in 2007, including 1,000 across Cheshire. Last month it announced 8,000 redundancies worldwide, although its Macclesfield and Alderley Park sites, which employ 7,500, have avoided the latest cull.
The company’s annual report shows that Mr Brennan received a bonus of £1.2m for last year. His total package was £3.2m.
A spokeswoman for the firm said: “David Brennan has received no pay rise for the past two years, and will take no rise in 2010 as the company continues to take into account the wider business environment and employment conditions across the group.
“He has received an increase in bonus this year (for 2009) versus the prior year (2008) based on the achievement of performance criteria, and the bonus reflects delivery on those criteria.”
AZ posted a 24 per cent increase in pre-tax profits to £6.7bn for 2009 and sales were up seven per cent at £20.2bn.
Analysts say the company is set to be among the long-term winners from US President Barack Obama’s health care reforms.
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