After landing a $354M payout, Medivation CEO David Hung doesn’t overlook his 2016 bonus
It’s been a very good year at Medivation, numbers wise. So now that CEO David Hung has completed his $14 billion deal to sell the company to Pfizer, securing a $354 million exit package on the way, what’s left to do?
Why, arrange 2016 bonuses for himself and the executive crew, of course.
Medivation won’t see the end of the year as an independent company, but that’s not a deal breaker. The accountants calculated how the company was doing so far and then extrapolated the data to cover the rest of the year. And by that measure, the team qualified for a 128% payout rate.
For Hung, that’s worth a performance bonus of $868,015, according to a filing with the SEC.
That’s the big payout for the group, but the rest of the team didn’t do so badly for their last round of annual bonuses.
CFO Jennifer Jarrett — $152,903.
Interim CMO Mohammed Hirmand — $159,066
COO Marion McCourt — $291,577
General Counsel Andrew Powell — $266,815
SVP Thomas Templeman — $157,960