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February 7, 2008, 5:04 pm
Whistleblowing Merck Sales Rep Makes More than CEO
Posted by Jacob Goldstein

What pays more: Running Merck or filing a lawsuit in federal court alleging that the company broke the law in marketing its drugs? Here’s a clue: A former Merck sales rep named Dean Steinke made $68.2 million today.

Steinke’s rich because he filed a so-called “whistleblower” lawsuit that led to one of today’s big settlements between Merck and state and federal officials. Under the law, people who file such suits are entitled to a cut of government settlements that result.

Steinke worked for Merck from 1995 to 2001, first as a sales rep then as a manager for the Michigan sales region, Dow Jones Newswires reports. So if we divide his six years at the company by the $68.2 million he’ll be paid under the settlement, he made $11.37 million a year at Merck. And that’s not even counting the salary, bonus and company car from his day job.

In 2006 (the most recent year for which Merck executive salaries are available), Merck CEO Dick Clark’s total compensation package was valued at $10.24 million, according to an SEC filing.

Merck will report its 2007 executive compensation packages in the next month or so. We’ll be watching to see whether Clark gets enough of a raise to pass Steinke.

Bonus Millions: A New Orleans doc named William St. John LaCorte also filed a so-called whistleblower suit and landed $27 million out of todays settlements, the WSJ reports. [标签:content1][标签:content2]

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作者:admin@医学,生命科学    2011-03-25 05:15
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