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David Brennan

‘Golden parachute’ for AZ’s David Brennan

David Brennan
David Brennan

David Brennan, the former chief executive of AstraZeneca, could receive more than £4million as a payout after being ousted from the firm.

The embattled Brennan was said to have taken early retirement, but the decision to step down as of 1 June had much to do with shareholder dissatisfaction with the company’s performance.

His total remuneration for 2011 was £9.1 million and, despite waiving his bonus for the five months he worked this year and for his notice period, Brennan is to get £914,122 in cash for the 11 months of his contract he did not work.

Brennan bows to pressure and quits AstraZeneca

David Brennan image
David Brennan

AstraZeneca’s chief executive David Brennan is to step down from his post following mounting dissatisfaction with his leadership.

Brennan, who turns 60 next year, is to officially take early retirement from the role, but the decision has clearly been forced upon him. The company’s non-executive chairman Louis Schweitzer will also step down three months early on 1 June.

Chief financial officer Simon Lowth will act as interim chief executive from 1 June until a permanent successor is in place.

Investors ramp up pressure on AZ chief

AstraZeneca's global headquarters in London

AstraZeneca’s chief executive David Brennan is coming under increasing pressure from investors, and his future at the firm could be under threat.

A report in the Financial Times said big investors in the company wanted “a radical shake-up of the board and executive team,” in a bid to find a new business strategy.

The newspaper says some of AstraZeneca’s top 20 investors “have become unusually and increasingly vocal in recent weeks”.

The article quotes one of these saying Brennan, who earned £9.3 million last year, is under ‘intense pressure’.

AstraZeneca to cut 7,300 jobs as growth stalls

AstraZeneca picture

AstraZeneca will make 7,300 cuts to its sales and R&D staff by 2014, but the company has not yet said what countries will be affected. 

AZ said it would pay out around $2.1 billion for the lay offs, with $261 million being charged in the fourth quarter of 2011. 

But the firm expects these cuts to bring in $1.6 billion in annual benefits by the end of 2014, which will help offset the loss from generic competition to its biggest drugs.   

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