$20m final pay for ex-CSL boss

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Former CSL boss Brian McNamee left the top position at blood products and vaccines supplier at the end of June with pay and entitlements worth almost $20 million.

Dr McNamee spent 23 years as chief executive of CSL and stepped down on June 30, 2013, after growing the company into a global bio-pharmaceutical firm with an increased annual profit of $US1.22 billion in the 2012/13 financial year.

He continues in an advisory capacity to the CSL board until October 15.

Dr McNamee was replaced by Paul Perreault, who as president of CSL Behring, received a total remuneration of $3.04 million in fiscal 2013.

CSL’s annual report, released on Friday, shows that Dr McNamee’s total remuneration for fiscal 2013 was $19.6 million compared to $7.99 million in the prior year.

Of that $19.6 million, $7.88 million was received or available as cash in respect of 2013.

CSL said Dr McNamee’s end-of-service entitlements are payable in fiscal 2014, in accordance with the Corporations Act.

His pay package included a cash salary and fees in 2013 of $3.41 million, up from $2.74 million.

He received a cash bonus of $2.38 million.

His pay was substantially boosted by a termination payment of $2.9 million, $7.75 million in performance rights and $1.77 million in performance options.

CSL said Dr McNamee’s reported remuneration for 2013 included the full value of long-term incentives that were granted under the company’s performance rights plan and reported between 2009 and 2012.

“This value has been fully accrued in the 2013 accounts,” CSL said.