FORMER AstraZeneca chief executive David Brennan has waived his right to a 2012 bonus and will lose out on two years’s worth of performance-related shares, the pharmaceuticals giant revealed yesterday.
Brennan was one of the first scalps of this year’s so-called shareholder spring, stepping down in June after investors voiced their anger over declining share prices and loss of patents.
At the end of 36 years with the firm, Brennan’s severance pay includes 11 months’ salary, worth £914,122, plus shares awarded in 2010 worth £1.5m. He also has a pension pot of around £14m.
In a statement, AstraZeneca said: “Mr Brennan informed the remuneration committee that he did not wish to be considered for a bonus in respect of that part of 2012 during which he was chief executive officer.”
After Brennan’s resignation, Aviva boss Andrew Moss and Trinity Mirror’s Sly Bailey also succumbed to investor pressure.