CEO Hammergren's Pay Jumps To $29.7 Million

NEW YORK (AP) — McKesson Corp. Chairman John Hammergren's compensation rose nearly 11 percent to more than $29.7 million in fiscal 2009 as the prescription-drug distributor grappled with falling profit on a series of charges and the economic downturn.

Hammergren's salary for fiscal 2009 rose 6.3 percent to just under $1.6 million, according to an Associated Press analysis of data filed with regulators Monday.

The 50-year-old chief executive's package also included $12 million in a performance bonus, up slightly from the prior year, while his perks fell by 3 percent to $988,793. Those perks include company contributions to a retirement plan and use of the corporate jet, along with a personal driver and security.

The San Francisco-based company also awarded Hammergren stock options and restricted stock that had an estimated value of just under $15.2 million, a boost of 24 percent from the prior year. Those options though, were granted May 20, 2008 when shares were trading as high as $58.60. The stock has since plunged from that value, making the options less valuable than on the day they were granted.

Overall, shares fell 33 percent during the fiscal year to close at $35.04 on March 31, 2009.