CVS CEO's Total Pay Fell Last Year
April 08 2016 - 12:20PM
Dow Jones News
CVS Health Corp. said the value of Chief Executive Larry J.
Merlo's compensation fell roughly 11% last year as his bonuses
declined amid a slump in traffic at the front end of its stores,
despite solid sales of prescription drugs.
Mr. Merlo's overall compensation slipped to $28.9 million in
2015 from $32.4 million a year earlier. His incentive plan
compensation was shaved by 15% to $9.7 million.
The so-called front end of stories—where CVS sells
over-the-counter drugs, snacks, beauty products and other items—has
been hurt by the company's decision to stop selling tobacco
products. Recent acquisitions and strength in its pharmacy-services
business have driven growth in recent quarters.
Mr. Merlo's pension value fell to $6.1 million from $8.1
million, while his base salary of $1.6 million last year was about
16% higher than a year earlier. The chief executive's stock and
option awards remained essentially unchanged from 2014.
In February, the company reported a profit of $1.5 billion in
the fourth quarter as revenue rose 11% to $41.15 billion. The
company is expected to report results in May.
CVS's stock edged up 0.8% to $101.77 in recent trading in New
York and was up 8.8% over the past three months.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 08, 2016 12:05 ET (16:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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