Sanofi begins hunt for new CEO; Gilead’s outgoing CEO bags US$ 10 million hike in compensation

By PharmaCompass

2019-03-21

Impressions: 106 Article

French drug major Sanofi is working on a plan to find a new CEO, as the current chief executive Olivier Brandicourt, will retire in 2021. The plan is being worked out in agreement and in consultation with Brandicourt,

As per the company’s rules, Brandicourt is required to step down at 65, an age he will attain in February 2021.

There is buzz about Sanofi holding internal discussion about succession planning. “It is the responsibility of any company’s board of directors to consider and plan for the succession of its CEO and executive committee members by identifying the next set of future leaders,” a spokesperson for Sanofi said. “With this perspective, the board has been considering this succession plan for some time now, in agreement and consultation with our CEO.”

Next month, Sanofi is holding an annual meet wherein shareholders will be asked to vote to renew the mandate of the board’s chairman, Serge Weinberg.

Brandicourt was hired in 2015 to help revive the fortunes of France’s biggest drugmaker. Since then, Brandicourt has been actively reshaping the business. He was previously the head of Bayer’s healthcare arm.

The news comes a week after Brandicourt’s 2018 pay was cut by 25 percent — to US$ 8.2 million — as a result of Sanofi’s falling revenues.

Meanwhile, another outgoing CEO, John Milligan of Gilead Sciences, who stepped down in July last year, raked in a huge salary hike in 2018.

Milligan racked in US$ 26 million in compensation for last year, an increase of US$ 10 million over his 2017 package. His salary increased by US$ 1.58 million and his cash incentive pay increased to US$ 3.34 million.

It was Milligan’s stock and option awards that took a major leap. A FiercePharma report states this is thanks to his “separation agreement” with Gilead. Milligan seized share awards worth US$ 9.86 million and options valued at US$ 11.13 million.

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