Perks A Plenty For CEOs Last Year
Companies offer stock options, air travel and commuting expenses
By Livia Gershon
Worcester Business Journal Staff Writer
Today
What can a big corporation offer the CEO who has everything? Judging from SEC filings for companies based in the local area, a lot. There are private jets, $1,800 annual physicals and huge insurance payments. Not to mention stock options, severance payments and plenty of other ways to spell more money.
Here’s just a small sample of what perks local execs received in 2007:
(High) Life After Retirement
At Sepracor Inc. in Marlborough, Timothy J. Barberich continues to rake in some serious cash despite retiring in March of 2007. He served as executive chairman until May 2008 and received a salary of $914,375 for 2007. That’s actually more than his 2006 salary, though his total compensation dropped from $7.97 million to a measly $4.95 million.
Even after leaving the Sepracor, Barberich remains an advisor to the company, pulling in $1.65 million a year through the end of 2009. His retirement agreement also gave him 47,500 shares of the company’s stock.
Apparently the pharmaceutical company is generous with its new hires as well. Andrew I. Koven, who became executive vice president, general counsel and corporate secretary in March 2007, got a $60,000 automobile allowance. The company said it anticipates offering a similar perk to its other top executives in 2008.
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