$20 million payout for ex-CSL chief McNamee
Dr McNamee spent 23 years as chief executive of CSL and stepped down on June 30, after growing the company into a global bio-pharmaceutical company with an increased annual profit of $US1.22 billion in the 2012-13 financial year. He continues in an advisory capacity to the CSL board until October 15.
Dr McNamee was replaced by Paul Perreault, who, as president of CSL Behring, received $3.04 million in fiscal 2013.
CSL's annual report, released on Friday, shows that Dr McNamee's total remuneration for fiscal 2013 was $19.6 million compared with $7.99 million in the prior year. $7.88 million was received or available as cash in respect of 2013.
Dr McNamee's package included a cash salary and fees in 2013 of $3.41 million, up from $2.74 million.
He received a cash bonus of $2.38 million. His pay was boosted by a termination payment of $2.9 million, $7.75 million in performance rights and $1.77 million in performance options.
CSL said Dr McNamee's reported remuneration for 2013 included the full value of long-term incentives that were granted under the company's performance rights plan and reported between 2009 and 2012.
Frequently Asked Questions about this Article…
CSL's annual report shows Brian McNamee's total reported remuneration for fiscal 2013 was $19.6 million (almost $20 million). That figure includes cash, a termination payment and the full value of long‑term incentives.
According to the report, McNamee's package included a cash salary and fees of $3.41 million, a cash bonus of $2.38 million, a termination payment of $2.9 million, $7.75 million in performance rights and $1.77 million in performance options.
The report states $7.88 million was received or available as cash in respect of 2013, which is part of the larger $19.6 million reported total that also includes non‑cash long‑term incentives.
Dr Brian McNamee spent 23 years as chief executive of CSL and stepped down on June 30. He remained in an advisory capacity to the CSL board until October 15.
Paul Perreault replaced McNamee. As president of CSL Behring, Perreault received $3.04 million in fiscal 2013, according to the company's disclosures.
CSL reported McNamee's 2013 remuneration at $19.6 million versus $7.99 million the prior year. The company said the 2013 figure included the full value of long‑term incentives (performance rights) that had been granted under its performance rights plan and reported between 2009 and 2012, which increased the reported total.
The article notes that Dr McNamee grew CSL into a global bio‑pharmaceutical company. For the 2012–13 financial year the company reported an increased annual profit of US$1.22 billion.
The CSL disclosures show reported executive remuneration can include large non‑cash items such as performance rights and options granted in prior years as well as termination payments. For investors, that means headline pay figures may combine cash received and long‑term incentives, so check the breakdown to understand actual cash paid versus future or non‑cash awards.
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