AstraZeneca mulls millions for Brennan

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ASTRAZENECA is considering whether to give outgoing chief executive David Brennan a multi-million pound exit package.

The pharma firm’s remuneration committee has not met to sign off Brennan’s final pay deal yet, as he only formally told the board of his intention to quit last Wednesday – one day before his shock departure was announced to the market alongside a profits warning.

Brennan has amassed a pension fund worth just under £1m a year, plus conditional awards for almost 1m shares.

The firm won 91.4 per cent support for its remuneration report at last week’s investor meeting. Analysts, however, have raised concerns over the firm’s dwindling drugs pipeline as some of its blockbuster patents expire.

A spokesperson for AstraZeneca said: “The exact terms of David Brennan’s package on retirement have yet to be agreed by the board, and we will disclose in due course.

“The pension fund he has built up reflects a 36-year career within the company at increasingly senior positions.”