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Home Industry News Schering-Plough announces new ways to benefit shareholders

Schering-Plough announces new ways to benefit shareholders

14th April 2008

Schering-Plough has announced a new governance action which it hopes will help align the interests of both shareholders and executives.

The pharmacy supplies giant has expanded the stock retention guidelines for its executive management team.

“Going forward, the executives are required to hold shares acquired upon the exercise of stock options for two years (not including shares used to pay the exercise price and tax withholding on the exercise),” a company statement explained.

Existing guidelines which demand the chief executive to retain eight times their salary in stock while other senior staff must hold four times their salary in stock will remain the same.

Fred Hassam, chairman and chief executive officer of the firm, said the action was taken to help boost long-term high performance.

Earlier this year, Schering-Plough announced it is undertaking a productivity transformation programme which it anticipates will generate $1.5 billion (£750 million) in annual savings and synergies.

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