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« Cable companies want to keep operating details secret | Today | Tonight: 'The Covenant' starts in Rhode Island » April 2, 2008CVS's Ryan got $17.7 million compensation in 2007PROVIDENCE -- The head of CVS Caremark Corp. received compensation valued at $17.7 million in 2007, the same year the nation's largest drugstore chain swallowed pharmacy benefits manager Caremark, according to an analysis of a regulatory filing. Chief Executive Tom Ryan's compensation went up less than $100,000 from the previous year, a raise of less than 1 percent. It included a $1.35-million salary, stock and option awards that the company valued at $8 million when they were granted, and $7.8 million in cash incentives. He also received $556,732 in other compensation, which included $391,815 in company contributions to retirement plans and perks like the personal use of a company aircraft, valued at $118,000, and $13,000 worth of financial planning services. The numbers were reported in a proxy statement Woonsocket-based CVS filed with the Securities and Exchange Commission on Friday. The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of companies' proxy statements. -- The Associated Press CVS operates 6,245 retail pharmacy stores and 56 specialty pharmacy stores, as well as mail order pharmacies in 44 states and the District of Columbia. It also operates more than 400 MinuteClinics, in-store health clinics that offer treatment for a variety of minor ailments. Ryan, 55, has said the acquisition of Caremark has transformed the company from a retail pharmacy chain to what he calls a "pharmacy health care service company." The combined company earned $2.62 billion in 2007, up from $1.36 billion in 2006 before it acquired Caremark. CVS will hold its annual meeting May 7. The company's acquisition of Caremark last year was contentious, as some Caremark shareholders claimed the offer was too low and favored Caremark insiders over regular shareholders. In July, director Roger Headrick, who had been with Caremark, stepped down from the board following an attempt by shareholders to remove him. Another Caremark holdover, Lance Piccolo, stayed on despite shareholders' protests. He is running for re-election to the board this year. Shareholders are also putting forth a proposal that would allow them to call special shareholder meetings to vote on important matters, such as takeover offers and concerns about directors. The CVS board opposes the proposal. Posted by Mike McKinney CommentsFIRED! | April 2, 2008 7:03 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
WOW!! That will be a lot of money to lug to prison - once Ortiz and Kramer roll over and testify that they were acting on orders from the top...