Shire Gives CEO 422% Pay Boost to Allay Defection Concerns
- Salary surged 25 percent in weeks before Baxalta bid disclosed
- Board discussed pay raise with shareholders six months later
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Shire Plc boosted Flemming Ornskov’s compensation fivefold last year to allay concern the chief executive might be wooed away by a rival following his “exceptional performance.”
Ornskov’s total compensation rose to $21.6 million, Dublin-based Shire said in its annual report Tuesday. That includes $16.8 million in long-term incentive awards. The CEO’s base pay surged 25 percent to $1.69 million.