Sepracor CEO Got 44% Raise as He Planned 940 Layoffs

Last Updated Apr 8, 2009 5:19 PM EDT

Sepracor began the year by announcing the layoffs of about 940 staff -- 530 of its own reps and execs and 410 contract reps. But the pain wasn't felt equally at Sepracor. Top management at the company saw their total compensation rise a combined 20 percent to $23 million.

CEO Adrian Adams (pictured) saw his pay jump 44 percent from $4.5 million to $6.5 million. Former chairman Timothy Barberich saw his total compensation go up 22 percent from $4.9 million to $6 million.

Here's the summary table:
  • Name, 2008 pay, 2007 pay
  • CEO Adrian Adams, $6.5 million, $4.5 million
  • Ex-chairman Tim Barberich, $6 million, $4.9 million
  • Ex-CFO David Southwell, $898,000, $2.2 million
  • EVP R&D Mark Corrigan, $3.1 million, $3.5 million
  • General counsel Andrew Koven, $2 million, $1.4 million
  • CFO Robert Scumaci, $2.3 million, $1.9 million
  • CCO Mark Iwicki, $1.9 million, $494,000 Numbers are rounded, compensation includes stocks and options whose value changes over time.
The management at Sepracor were rewarded for their revenue and net income performance. Full-year 2008 revenues increased 5.5% to $1,292.3 million vs. $1,225.2 million for full-year 2007. Net income was $515 million vs. $58 million in 2007.

Barberich started 2009 rolling in cash. According to the Boston Business Journal, he sold $8.7 million in stock in March.



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