Sepracor Exec. Won't Lose Sleep Over Retirement
Written by Matthew L. Brown
Friday, 04 January 2008
Timothy J. Barberich, executive chairman of Marlborough-based pharmaceutical company Sepracor Inc. , will leave the company's employ in mid-May, an extra $1.6 million in hand.
Barberich and Sepracor, where he has been an executive since the company's founding in 1984, reached the retirement agreement Dec. 27, according to U.S. Securities and Exchange Commission filings.
Until his last day of work May 13, and for his service as a company advisor, which continues until Dec. 31, 2009, Barberich will receive pay equivalent to $1.6 million per year on top of his regular salary, benefits and other stock-based compensation.
In 2006, the most recent year for which Sepracor salary information is available, Barberich made $7.9 million in salary, stock awards, option awards, bonuses and benefits. Under the retirement agreement, Barberich also received 47,500 shares of company common stock free of charge.
Barberich stepped down as company CEO in May and was succeeded by current president and CEO Adrian Adams. Barberich is currently chairman of the company's board of directors and plans to continue in that role until his retirement date.
Sepracor makes a number of drugs, most notably the sleep drug Lunesta.
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