CEO Offered Nearly $160M … to Leave

by William White | June 25, 2013 4:04 pm

CEO Offered Nearly $160M … to Leave

McKesson (MCK[1]) CEO John Hammergren could have walked away with $159 million[2].

The $159 million was to be Hammergren’s pension benefit if he would have voluntarily left the company on March 31st, reports the Wall Street Journal.

Hammergren receiving excessive compensation[3] for his work isn’t anything new, but a pension of this size is.

“I’ve never seen a pension that high,” James F. Reda, a New York executive-compensation consultant, told WSJ.

McKesson gave reason for the high pension.

“Mr. Hammergren’s pension was impacted by the terms of an employment contract put in place more than 14 years ago, combined with outstanding company performance,” Kris Fortner, a McKesson spokesman told, WSJ.

 

 

Endnotes:
  1. MCK: http://studio-5.financialcontent.com/investplace/quote?Symbol=MCK
  2. $159 million: http://online.wsj.com/article/SB10001424127887323998604578565491579124154.html
  3. excessive compensation: http://investorplace.com/2012/01/mckesson-john-hammergren-amerisourcebergen-r-david-yost-mck-abc/

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