AstraZeneca’s retiring CEO got 60 per cent pay rise

Tom McKillop, retiring CEO of AstraZeneca, received a 60 per cent pay boost in 2005, according to financial information from the firm.

AstraZeneca’s annual report said that McKillop was awarded salary and bonuses of ?2.25 million, around 60 per cent up on the ?1.41 million he was given in 2004. McKilliop left the company at the end of December.

In comparison, new CEO David Brennan was awarded ?819,000 last year when in charge of the firm’s US operations.

In other news, pharmaceutical sales and marketing company PDI has announced that AstraZeneca has pulled out of a fee-for-service contract with the firm ? threatening the positions of 800 of its employees, and impacting the firm’s revenue by as much as $70 million.

“We are disappointed by AstraZeneca’s decision,” said Steven K Budd, president of PDI. “We have worked with AstraZeneca for over twelve years and look forward to creating future business opportunities with them.”

He added the company was “vigorously” looking for new opportunities for their sales teams.

Reuters reported that PDI’s shares fell by 12 per cent on Tuesday following the announcement.

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