Merck GC Gets Pay Raise
Although Merck & Co.'s Vioxx litigation has cast a dark cloud over the pharmaceutical giant, there has been a silver lining for at least one Merck employee --a pay bump worth nearly $100,000. On Oct. 24, the Merck's compensation and benefits committee approved a $90,600 annual increase in pay and...
November 03, 2006 at 06:44 AM
1 minute read
The original version of this story was published on Law.com
Although Merck & Co.'s Vioxx litigation has cast a dark cloud over the pharmaceutical giant, there has been a silver lining for at least one Merck employee –a pay bump worth nearly $100,000.
On Oct. 24, the Merck's compensation and benefits committee approved a $90,600 annual increase in pay and a title change for the company's general counsel, Kenneth Frazier, raising Frazier's salary to $780,000 from $689,400. In addition, his title, formerly senior vice president and general counsel, is now executive vice president and general counsel.
According to an SEC filing, Merck's CEO, Richard Clark, recommended the changes in recognition of Frazier's “significant contributions to Merck, as well as highly valuable experience and exceptional leadership abilities.”
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