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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEli Lilly and Co. CEO John C. Lechleiter saw his compensation spike nearly 28 percent in 2008 as he took over the top job at the Indianapolis-based drugmaker.
Lechleiter received $10.8 million in salary, bonus, stock and perks during the year, according to a preliminary proxy statement filed today by Lilly with the U.S. Securities and Exchange Commission. In 2007, when Lechleiter was Lilly’s president, he earned $8.4 million in compensation.
Lechleiter became CEO on April 1, succeeding Sidney Taurel, who had held the job since 1998. Taurel remained as Lilly’s chairman through the end of 2008 and received compensation of $12.6 million.
Lilly’s other top executives saw a mixture of gains and decreases in pay.
Chief Financial Officer Derica Rice’s compensation rose 9 percent, to $4.8 million.
But General Counsel Robert Armitage saw his compensation fall 11.5 percent, to $4 million.
Compensation for Dr. Steve Paul, president of Lilly Research Laboratories, was flat at $5.5 million.
None of the compensation totals include increases in the officers’ pension plans.
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