independent

Sunday 20 April 2014

Elan chief's pay packet drops 27pc to just over $2m

ELAN boss Kelly Martin was paid nearly $2.2m (€1.6m) last year, 27pc less than he got in 2011, according to the company's newly-filed annual report.

It shows he received a base salary of $1m in 2012 and a $1.1m bonus. A $7,500 payment was also made towards his pension, while he also received $45,000 in the form of benefit in kind. The total package came to $2.17m compared to the nearly $2.9m he got in 2011.

His 2011 remuneration consisted of a $1m salary and a $1.8m bonus.

Elan announced last week that it is selling its 50pc stake in multiple sclerosis drug Tysabri to US firm Biogen Idec for $3.25bn. That leaves the Irish company as a virtual pharmaceutical firm. It will continue to receive royalties from the drug's sales, and is planning to invest the proceeds in other firms.

The latest annual report shows that Elan's chairman, Bob Ingram, was paid $150,000 last year, down from $241,000 in 2011.

Paddy Power chief Patrick Kennedy, who is a non-executive member of the Elan board, was paid $75,000 last year by the drug company. He has been a member of its board since 2008.

Total director remuneration at Elan fell last year to $3.2m from $3.9m a year earlier.

Irish Independent

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