By Maria Armental
Bristol-Myers Squibb Co.'s (BMY) incoming executive director
will be paid $1.4 million, in addition to a performance bonus,
according to a regulatory filing.
Dr. Giovanni Caforio, the current chief financial officer who
will assume the new role on May 5, is eligible for up to $2.1
million in bonus pay as well as $5.2 million in stock awards and
other long-term pay incentives, according to the filing with the
Securities and Exchange Commission.
Chief Executive Lamberto Andreotti, who will stay on under his
current financial terms, will become the board's executive chairman
following his retirement Aug. 3.
At that point, Mr. Andreotti will be paid a $225,000 annual
retainer, paid quarterly, half in cash and half in company
stock.
Also, he will receive the company's standard compensation for
non-employee directors, including an annual retainer of $90,000 and
$160,000 in deferred shares as well as a $200,000 executive
chairman retainer paid quarterly, of which half will be paid in
cash and half in stock.
The board approved the pay packages at a March 2 meeting, the
company said.
Write to Maria Armental at maria.armental@wsj.com
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