Former Quintiles CEO Pike received $20.6M in compensation in 2016
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Durham, N.C. — Former Quintiles chief executive Tom Pike received $20.6 million in compensation following his post-acquisition departure from the Durham-based clinical research company in late 2016, according to a filing with the Securities and Exchange Commission.
Pike’s total compensation jumped from $5.3 million in 2015, an increase of nearly 300 percent.
Ari Bousbib assumed the role of QuintilesIMS chairman and chief executive following the company’s$17.6 billion merger with Danbury, Conn.-based IMS Health Holdings, which was completed on Oct. 3.
Bousbib received $6.6 million in annual compensation from QuintilesIMS. This includes a $6 million non-equity incentive, payable March 2017, and a base salary of $390,000. Bousbib received $34.8 million from IMS Health Holdings in 2015 – including $26 million in stock options and a base salary of $1.6 million.
On Nov. 30 QuintilesIMS announced that Pike, who served as Quintiles chief executive for four years, had retired as a QuintilesIMS officer and board member on Nov. 29 and would be ending his employment with the company on Dec. 2.
On top of a $1.1 million base salary, Pike received $12.9 million in stock awards and options as well as $6.6 million in payments associated with his departure.
W. Richard Staub, who took over Pike’s post-acquisition role of research and development solutions president, received $1.8 million in compensation from the company last year.
Upon completion of the merger, Kevin Gordon terminated his employment as executive vice president and chief operating officer with Quintiles. Gordon received a total of $5.3 million in compensation. This includes a base salary of $509,000 and 21 monthly continuation payments that began in January 2017 – the payments will total $2.2 million.
Chief Financial Officer Michael McDonnell received total compensation of $2.7 million during the year, according to the filing. His total compensation fell 9 percent from 2015, when he was appointed to the position.
QuintilesIMS reported revenue of $5.4 billion in its 2016 fiscal year, an increase of 24 percent from the previous year. Meanwhile, its profit fell 70 percent, falling to $115 million in 2016.
The company’s annual meeting will be Thursday, April 6, at the Crowne Plaza in Danbury, Conn.
As of early Monday afternoon, Quintiles shares are up 2.8 percent to $78.53 since the Wednesday announcement.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
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