Mallinckrodt reduced Chief Executive Mark Trudeau's stock award last year after taking some heat over its pay practices.
Shareholders gave only 59 percent approval in Mallinckrodt's say-on-pay vote last year, down from 95 percent in 2017. In response, according to a filed Wednesday, the company took several actions, including freezing Trudeau's salary and cutting his long-term incentive award by 13 percent.
Trudeau had been based at Mallinckrodt's U.S. headquarters in Hazelwood but moved to Bedminster, N.J., last year as part of a reorganization. Mallinckrodt is spinning off its specialty generic drug business -- which will keep the Mallinckrodt name and be based in the St. Louis area -- to concentrate on branded pharmaceuticals.
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The parent company plans to change its name to Sonorant Therapeutics, the proxy statement discloses.
Trudeau's total pay fell 6.5 percent last year to $14.0 million. Mallinckrodt reported a $3.6 billion loss for the year and its share price fell 29 percent.
Trudeau earned a $1.05 million salary and bonus of nearly $2 million, which was 152 percent of his target amount.
He also got $5 million worth of options and $5 million in performance stock units. As part of the changes in compensation policy, he no longer gets stock that isn't performance-linked.
Ninety-two percent of Trudeau's compensation is "at risk," Mallinckrodt says, and can be worth much less than the stated value. A performance award from 2016, originally valued at $3.9 million, ended up being worthless because Mallinckrodt missed three-year targets for shareholder return and sales growth.
Trudeau's pay also included $171,840 in relocation payments for the move to New Jersey, $696,588 in tax reimbursements and $15,592 for physicals and financial planning.
Trudeau earned 125 times as much as the median Mallinckrodt worker, who was paid $112,544. That's up from last year's pay ratio of 102.
Here's what 30 St. Louis CEOs earned in 2017:
Meet the 30 top-paid CEOs in St. Louis, 2017 pay
* Jeffrey S. Hollister, American Railcar Industries
Hollister left the company on Dec. 31, .Ìý
30. Timothy D. Boyd, Peak Resorts
In January, .
29. Earl R. Refsland, Allied Healthcare Products
28. Robert L. Montgomery, Reliv International
27. Jon P Vrabely, Huttig Building Products
; CEO earned 20 times as much as median Huttig employee. The company says its 1,300 full- and part-time workers earn a median of $47,091.
26. James B. Lally, Enterprise Financial
.ÌýEnterprise calculates that the CEO made 16 times as much as its median employee, who earned $60,000.Ìý
25. Robert D. Moore, Foresight Energy
From March:Â
24. Mike Anderson, Avadel Pharmaceuticals
.
23. Sharon John, Build-A-Bear Workshop
;ÌýJohn earned 306 times as much last year as the median Build-A-Bear employee. Median pay was $6,198 for the Overland-based company's 4,455 U.S. and British workers.Ìý
22. Eric H. Brunngraber, Cass Information Systems
21. Charles R. Gordon, Aegion
;ÌýGordon made 36 times as much as the median employee's compensation of $73,848. The Chesterfield-based pipe-repair company employs 6,242 people worldwide.
20. V.L. Richey Jr., Esco Technologies
19. Suzanne Sitherwood, Spire
18. Jeffrey S. Davis, Perficient
. Its 2,078 workers in the United States, China and India earned a median $96,193.
17. David P. Hatfield, Edgewell Personal Care
16. David Kemper, Commerce Bancshares
15. Alan R. Hoskins, Energizer
From January:
14. John Stroup, Belden
;Ìýthe CEO earned 133.6 times as much as the median Belden worker, who made $52,487 last year.
13. Anna Manning, Reinsurance Group
;ÌýManning's pay is 66 times as much as the median employee earned last year. Median pay for the company's 2,741 employees was $107,171.
12. Diane M. Sullivan, Caleres Inc.
. Median pay for its 12,055 workers was $21,528 (about 40 percent of its employees are part-time/temporary/seasonal).
11. John E. Fischer, Olin
. Olin employs 6,526 people worldwide.
10. Warner L. Baxter, Ameren
;ÌýBaxter earned 66 times as much as the median Ameren employee. Ameren employs 8,600 people and says they earn a median of $122,003.
9. Robert V. Vitale, Post Holdings
8. John W. Eaves, Arch Coal
.
7. David Farr, Emerson
From February:
6. Ronald J. Kruszewski, Stifel
Stifel reported that its CEO earned 92 times as much as its median employee. .
Mark C. Trudeau, Mallinckrodt
; Mallinckrodt CEO Mark Trudeau's pay in 2017 was 102 times as much as the median company employee, who earned $146,870.
4. Timothy Wentworth, Express Scripts
. Median pay for its 26,600 workers was $52,509.
3. Hugh Grant, Monsanto
From April:
2. Glenn L. Kellow, Peabody Energy
. Peabody's 7,148 employees in the United States and Australia earned a median $118,812 last year.
1. Centene, Michael Neidorff
The CEO earned 379 times as much as the median Centene employee, . The company's 33,312 workers earned a median $66,600, including medical premiums.
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