management
Ryan nets $125M in final CVS payday
THOMAS M. RYAN’S final payday from CVS totaled nearly $125 million, thanks to stock and option awards, as well as his decision to take his pension in a lump sum.
COURTESY CVS CAREMARK
By PBN Staff
5/10/11
NEW YORK – Thomas M. Ryan may have left his position as the head of CVS Caremark Corp., but he is still making news.
The Dow Jones Newswire reported Tuesday that in the company’s recently filed proxy statement, the long-time chairman, president and CEO of CVS received nearly $125 million in his final 14 months with the company.
The company reported that in addition to his total compensation of $29.2 million in compensation for 2010, Ryan earned another $50.4 million from stock awards and options. He also decided to take his pension as a lump sum, as opposed to in annuity payments, which totaled $58.4 million. Detracting from the value of his package was an increase in the value of his pension plan, according to Dow Jones.
Ryan was succeeded as CEO by Larry Merlo, who had been president and chief operating officer since May 2010. David Dorman, former chairman and CEO of AT&T Corp., will take over as chairman at the company’s annual meeting, which is set for Wednesday.
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