AstraZeneca to Pay Soriot $1.76 Million in Base Salary

AstraZeneca Plc (AZN) said it will pay Chief Executive Officer Pascal Soriot 1.1 million pounds ($1.76 million) a year in base salary, more than larger U.K. rival GlaxoSmithKline Plc (GSK) gave its CEO last year.

Soriot, who began his tenure as CEO on Oct. 1, may also be awarded 69,108 shares at 2,894 pence each, subject to a four- year performance period and a subsequent four-year holding period, the company said in a statement today. His bonus target for the year is 100 percent of his salary, AstraZeneca said.

Soriot joined the London-based drugmaker as it searches for licensing deals, partnerships and acquisitions of late-stage assets to replenish the pipeline and boost sales. He suspended the company’s share buyback program on his first day on the job as AstraZeneca reviews its strategy.

Glaxo, the U.K.’s biggest drugmaker, paid CEO Andrew Witty a base salary of 1 million pounds last year.

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To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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