BANGALORE (Reuters) - CVS Caremark Corp’s (CVS.N) former Chief Executive, Thomas Ryan, who recently retired after a 12-year tenure as CEO of the U.S. drugstore chain, took home more than $120 million in 2010.
The 58-year old, who joined the company as an in-store pharmacist about 37 years ago, received $29.2 million in total compensation, which included a salary of $1.48 million along with stock and option awards worth $11.5 million.
Ryan took another $58.4 million in lump-sum pension and $50.4 million from stock-award vestings and exercise of stock options. Perquisites mentioned in a regulatory filing included $74,000 for personal use of company aircraft and car.
Ryan, who became president and CEO in May 1998 and added the chairmanship in April 1999, was succeeded by Larry Merlo, the company’s former chief operating officer on March 1 this year.
Ryan leaves behind a company that is trying to improve profits at its pharmacy benefits management unit, which makes up for nearly half its business. CVS reported a 7 percent drop in 2010 net income and forecast a not-so-comforting operating profit for the ailing unit at a time when government agencies are cutting back on paying for prescription drugs and generics are entering the market.
Reporting by Megha Mandavia; Editing by Kavita Chandran