Management & Strategy
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Astra Zeneca's CEO paid himself a quarter of a million and then fires hundreds of workersTuesday, 06 March 2012
AstraZeneca has suffered setback after setback. But chief executive David Brennan has taken a quarter of a million in salary since he took office. But he has also placed hundreds of workers on the firing line.
The pharmaceutical company Astra Zeneca is planning to sack 7300 employees after a saving program demand. Among other things, Södertälje, nears Stockholm will be hard hit by the savings program which will see over a thousand people without jobs and the neurological research discontinued.
The difficulties the company also faces has to do with the expiration of several of its patent and that the company has no new blockbuster drug program in the pipeline, according to Swedish business daily, Dagens Industri.
But this does not means that the hard working core of the company, no, not the workers who come up with the brain busting solutions such as the drugs and products that bring in the millions into the company coffers, no! The core here refers to the super human, the CEO, David Brennan, this has not stopped him paying himself millions. He has been CEO since 2006, and since then he has taken out Skr250 million in salary, bonuses, benefits and pensions. The sum is also excluding last year's bonus, where the numbers have not yet been released, according to Dagens Industri.
One thing some of these CEOs fail to understand is that some of them did not created the companies and they are not the ones who make the money. One thing they can do is to motive the workers and make them continue to be creative as the company entails. When they act in this fashion creativity dies and the company start spiralling down as it is being observed now. It would be nice to see the CEOs take most of the running and creativity in the companies since they are more important as it show in their earnings.
By Scancomark.se Team
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