Warner Chilcott Dispenses Healthy Retirement Pay…

August 29, 2011

The dream of retiring at the end of a long career keeps many people chugging along… enabling them to put up with congested highways and crowded public transportation… making it possible for them to sit through endless meetings. But for some lucky people, retirement comes early enough that there is still time to start an exciting new career.

That is the case for Anthony Bruno, the Executive Vice President, Corporate Development of Warner Chilcott plc (WCRX), a “global specialty pharmaceutical company” headquartered in Dublin, Ireland. Bruno – who was 54 when the company filed its 10-K at the end of February – has been with Warner Chilcott for 10 years, where he started as the Senior Vice President, Corporate Development and General Counsel. Prior to that, he spent 17 years with Warner-Lambert, which is now part of Pfizer, Inc. (PFE).

In the 8-K that Warner Chilcott filed late last Friday afternoon, it announced that Bruno would retire at the end of 2011. The attached “Fourth Amended and Restated Employment Agreement“, dated August 26, explains that Bruno is leaving because of his “desire to retire from his role with the Company to pursue other interests.”

Bruno is getting a big dose of money and benefits as he leaves. For starters, in exchange for signing a Release Agreement, agreeing not to divulge confidential information, and promising not to recruit his Warner Chilcott colleagues, Bruno will get nearly $1.8 million. Of that, $448,623.50 will be paid on the first pay date after June 30, 2012; after that, the remaining $1,345,870.50 will be paid in equal amounts over the following 18 months.

Warner Chilcott is also willing to provide health insurance for Bruno and his family for 18 months after he leaves, so long as he makes the COBRA election in time and chips in $50 per month to help pay the premiums. There’s also a provision that the company may help him secure health insurance for an additional six months, should Bruno find himself unable to secure a comparable policy. And Warner Chilcott agreed to accelerate the vesting of a portion of his outstanding equity awards that are scheduled to vest in the first quarter of 2012.

In the remaining three months of the year, Bruno is going to stay and help with the transition as his successor, Michael Halstead (who was the Senior Vice President, Corporate Development) gets up to speed. Bruno will continue at his present base salary ($498,739 per year), and he retains his eligibility for a bonus and incentive award, although one is not guaranteed.

Whatever Bruno has in mind for his next chapter in life, presumably he can live it just as he pleases, thanks to the healthy dose of retirement money that he’s getting from Warner Chilcott on his way out the door.

Image source: Somegeekintn via flickr

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