When CEO Pay Is Corrected, The Number Can Be Dramatic
In other health industry news, Allergan announced it will sell its women's health, infectious-disease units, as well as a voluntary recall of nearly 170,000 birth control packs because of a packaging error that could lead to unintended pregnancy.
The Wall Street Journal:
Did We Say $1.5 Million? We Meant $10.9 Million. Firms Fix CEO Pay Flubs
When Laboratory Corp. of America disclosed pay for its chief executive in March, the company said he made $1.5 million in 2016. A week later, the diagnostic-lab chain filed a new document listing his pay at $10.9 million. Chief Executive David King didn’t get a retroactive raise. His employer just proofread its work. Such a big discrepancy is unusual, but LabCorp isn’t the only big company to make significant adjustments to past pay disclosures. (Francis, 5/30)
Reuters:
Allergan To Sell Women's Health, Infectious Disease Units
Drugmaker Allergan Plc said on Wednesday it plans to sell two of its smaller businesses, the women’s health and infectious disease units, as Chief Executive Brent Saunders works to end a steep slide in its share price over the last year. (Erman, 5/30)
The Hill:
Allergan Recalls Birth Control Pills Over Packaging Error
Drugmaker Allergan issued a voluntary recall for nearly 170,000 birth control packs after it was revealed that a packaging error could cause unintended pregnancies. The recall targets sample packs of Taytulla that were distributed to doctors' offices and then given to patients. (Hellmann, 5/30)