McKesson CEO’s $292 Million Golden Parachute Faces a Proxy Fight
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If McKesson Corp. were sold tomorrow and Chief Executive Officer John Hammergren were fired, he’d be eligible to walk away from the medical-products company with $292 million in severance pay -- almost half of it in restricted stock and option awards that were intended as incentives to keep him on the job.
His tenure has been good for McKesson shareholders, Bloomberg Businessweek.com reports on its website. Since Hammergren took the CEO post in early 2001, the company’s shares have soared by 541 percent, compared with a 59 percent rise in the Standard & Poor’s 500 Index through last week.