BOTHELL – Paul Clark, ICOS Corp.’s chief executive officer, probably won’t worry too much if he’s unemployed after Eli Lilly &Co.’s buyout of his company.
Exactly how much he’ll receive in his going-away package will be revealed in the near future, when the company files required proxy information before the shareholders vote on the acquisition.
In mid-2005, however, Clark’s latest contract with the company included a provision that if the company were bought or merged, he could receive three times his salary and a target bonus. His combined salary and bonus compensation last year topped $1.7 million.
Clark also owned nearly 3 million shares of the company’s stock as of this spring.
ICOS spokeswoman Lacy Fitzpatrick said Clark’s compensation agreement recently was changed, but she declined to detail those changes until the proxy information is issued.
Clark, 59, joined ICOS as chief executive in 1999 after working 14 years for Abbott Laboratories. After news broke Tuesday of Lilly’s acquisition of ICOS, Clark professed to have no set plans for his future. He confirmed, however, that he’s unlikely to have a position with Lilly after it takes over ICOS.
“I have given zero thought on that point,” he said. “I’ll start thinking about other opportunities in a few weeks.”
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