CVS Caremark chief’s compensation leapt 44% last year
New York -- An SEC filing on Friday revealed that the total compensation for CVS Caremark Corp. CEO Larry Merlo jumped 44% last year to $20.3 million.
Merlo’s base salary rose slightly but the major increases came from stock and option awards and nonequity incentive-plan compensation.
Among the other senior executives, CFO David Denton saw his total 2012 remuneration rise 33% to $6.1 million, and president of CVS pharmacy Mark Cosby’s total pay dropped 39% to $5.9 million. (The prior-year period included a nearly $1.4 million bonus and higher stock and option awards.)
"Last year, CVS Caremark had an outstanding year, and continued to deliver strong financial results and enhanced returns to shareholders in a challenging economic environment, performing favorably against our peer group in several key areas," CVS spokeswoman Carolyn Castel said in a written statement.