Allergan CEO’s Pay Jumps by Half With $9 Million Stock Award
Allergan Inc. (AGN) Chief Executive Officer David Pyott’s compensation jumped 51 percent last year after the maker of the Botox wrinkle treatment awarded him $9.39 million in stock, according to a company filing.
Pyott, CEO since 1998, made $21.2 million last year, including the stock award, $1.3 million in salary, a $1.65 million cash bonus and $7.01 million in options awards, Irvine, California-based Allergan said in a Securities and Exchange Commission filing today. Pyott, who also is chairman and president, was paid total compensation of $13.9 million in 2011.
The company’s board said the award was part of a plan to keep Pyott with the company for at least five more years. Under his tenure, the board said, Allergan’s market value has grown to $33.1 billion from about $2 billion.
“Mr. Pyott has delivered exceptional value to our shareholders,” the board said in the filing.
Allergan shares rose 24 percent in the past 12 months. The company last month agreed to buy Map Pharmaceuticals Inc. (MAPP) for $958 million to boost its offerings of migraine treatments.
The company didn’t make a significant change to a provision in Pyott’s employment agreement that would pay him $10.1 million in salary and bonus if the company is sold and he leaves.
To contact the editor responsible for this story: Reg Gale at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.