Fired McKesson Worker Loses Fight on CEO's Exit Package

Shareholders of McKesson Corp. today voted down an attempt to reduce the payout that Chief Executive Officer John Hammergren would receive if he were fired in the event of a sale, according to Kris Fortner, a company spokesman.

Hammergren stands to receive $292 million under a so-called change in control at the San Francisco-based company, which distributes pharmaceuticals and medical products. The Teamsters union put a measure before shareholders at McKesson’s annual meeting today that would have urged the board to reduce that amount, which includes about $114 million in pension pay and $140.6 million in unvested stock awards and options that would become payable immediately. The union sought to reduce such accelerated vesting.