Summary
This 8-K filing by Gilead Sciences, Inc. (GILD) on November 10, 2009, details adjustments to the target bonus percentages for its named executive officers under the Corporate Bonus Plan for the upcoming fiscal year 2010. The Compensation Committee of the Board of Directors approved these changes, which generally reflect an increase in the potential bonus payout as a percentage of base salary for most key executives. Specifically, the CEO, John C. Martin, will see his target bonus increase from 125% to 130% of base salary, while the President and COO, John F. Milligan, will have his target bonus rise from 75% to 90%. Other senior executives, including those in Research & Development, Commercial Operations, and Corporate/Medical Affairs, will see their target bonuses increase from 60% to 70% of base salary. The CFO, Robin L. Washington, will have a modest increase from 55% to 60%. These adjustments signal a continued focus on incentivizing executive performance in the coming year, with specific targets yet to be fully defined for the 2010 plan.
Key Highlights
- 1Gilead Sciences, Inc. (GILD) announced changes to its executive compensation structure for fiscal year 2010.
- 2The Compensation Committee of the Board of Directors approved updated target bonus levels under the Corporate Bonus Plan.
- 3The target bonus for CEO John C. Martin is increasing to 130% of base salary from 125% for 2010.
- 4President and COO John F. Milligan's target bonus is set to increase significantly to 90% of base salary from 75%.
- 5Executive Vice Presidents in key areas like R&D and Commercial Operations will see their target bonuses rise to 70% from 60% of base salary.
- 6CFO Robin L. Washington's target bonus will increase to 60% from 55% of base salary.
- 7These adjustments are effective for the 2010 fiscal year, with further terms of the 2010 plan yet to be established.