The San Diego Weekly Reader’s Don Bauder asked executive compensation expert Graef Crystal to “figure out how the remuneration of head bean counters at five large San Diego companies compared with pay of their counterparts elsewhere.”
Turns out Invitrogen’s CFO David Hoffmeister, who made $2.2 million last year, was “a bit ahead of what he should have made by Crystals reckoning.” But, according to Bauder, Invitrogen stock beat the market by 60 percent. Maybe that is why Invitrogen CEO Gregory Lucier (pictured right) is doing so well.
Gregory Lucier, in pulling down $29 million, made a whopping 583 percent above the market based on company size and pay risk, says Crystal. But the company’s stock has to meet certain future targets. Lucier is not supposed to get another award until the end of next year. Crystal tends to pooh-pooh such declarations, stating that boards of directors often forget that they said they wouldn’t dole out any more for a long period. “You grant it, I count it,” says Crystal.
As long as Lucier and Hoffmeister keep that stock climbing, we’re all good with whatever they are getting paid.
[Link: San Diego Weekly Reader]
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