Allergan slashes executive salaries — CEO loses 80%

This article was originally published here

Parsippany-Troy Hills, N.J.-based Allergan slashed it executives’ compensation rates from 2015 to 2016, according to the company’s SEC filing.

Here’s what you should know.

1. President and CEO Brent Saunders lost 80.8 percent of his total pay, dropping from $21.5 million to $4.1 million.

2. Former Executive Chairman Paul Bisaro’s pay by 86.5 percent from $18 million to $2.5 million.

3. Executive Vice President and CFO Maria Teresa Hilado took an 86.3 percent decrease, going from $9.2 million to $1.6 million.

4. Chief Commercial Officer William Meury and COO Robert Stewart each took pay cuts of 73.5 percent and 84.4 percent respectively.

5. Allergan’s compensation committee heavily makes its payment decisions based on employee performance, according to the company’s filing.

Allergan accepted a potential merger with New York City-based Pfizer, but the deal dissolved in April 2016. Allergan also had lower than expected earnings and sales in the third quarter of fiscal year 2016, according to Market Realist.

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