LONDON (Reuters) - AstraZeneca said former chief executive David Brennan would not receive a bonus for the first five months of 2012, in line with his wishes, following his abrupt exit after disappointing sales and repeated setbacks to its drugs pipeline.
Brennan, who had been with the British drugs company for 36 years, received a lump sum of 914,122 pounds ($1.4 million) in lieu of notice, representing 11 months’ pay, the company said on Monday.
AstraZeneca also said share awards made to Brennan in 2011 and 2012 under the AstraZeneca Performance Share Plan and the AstraZeneca Investment Plan should be forfeited.
($1 = 0.6432 British pounds)
Reporting by Paul Sandle