Bristol-Myers Squibb Sets Pay for Incoming, Retiring CEOs

   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 [e-mail]

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