Ousted Sanofi CEO could get $11M in severance pay
Gérard Le Fur, the CEO ousted from Sanofi-Aventis last week after less than two years in office, could receive up to €8 million ($11.3 million) this year from the Paris-based pharmaceutical company before he stands down Dec. 1.
Regulatory filings show that the board agreed in February to pay Le Fur a “termination benefit” equivalent to 24 months of his last total remuneration in the event of his “removal from office,” according to the Financial Times.
If he receives 11 months pay this year at the same rate as his 2007 salary of €2.7 million ($4.8 million), a further 24 months would give him nearly €8 million ($11.3 million) even before stock options, pension benefits and his future earnings as a scientific adviser to management, the Financial Times reported.
Le Fur's final settlement at Sanofi may ultimately be reduced because €1.35 million ($2.4 million) of his 2007 pay was performance related, primarily linked to the group's adjusted earnings per share relative to the world’s top 12 pharmaceutical companies, the Financial Times said.
Regulatory filings show that the board agreed in February to pay Le Fur a “termination benefit” equivalent to 24 months of his last total remuneration in the event of his “removal from office,” according to the Financial Times.
If he receives 11 months pay this year at the same rate as his 2007 salary of €2.7 million ($4.8 million), a further 24 months would give him nearly €8 million ($11.3 million) even before stock options, pension benefits and his future earnings as a scientific adviser to management, the Financial Times reported.
Le Fur's final settlement at Sanofi may ultimately be reduced because €1.35 million ($2.4 million) of his 2007 pay was performance related, primarily linked to the group's adjusted earnings per share relative to the world’s top 12 pharmaceutical companies, the Financial Times said.