Shire hikes CEO pay to £15 million
UK drug major Shire (LSE: SHP) has raised the compensation for the chief executive Flemming Ornskov to £15 million for 2015, according to the company’s annual report.
Ornskov’s overall compensation now stands £12.1 million over the £2.9 million in annual pay outs for 2014. The astronomical jump comes on the back of equity stake holds granted to him worth £11.6 million.
The basic pay increased to £1.1 million while the bonus component grew to £1.9 million. The salary raise was effective from July 1.
Calling the pay boost atypical considering the standard market practices, Shire said, Ornskov’s salary will be frozen for three years.
Shares in the company were up 10p at 3927p in morning trade on the London Stock Exchange.