Walgreen Co. Chief Executive and President Greg Wasson’s total pay jumped 13.4 percent to $13.65 million for its fiscal year ended Aug. 31, largely because of a 78 percent increase in non-equity incentives, according to a regulatory filing.
Wasson’s incentive pay for the 2013 fiscal year rose to $2.04 million, up from $1.15 million in the year prior, the Deerfield-based drugstore chain said in a recent filing with the Securities and Exchange Commission.
During that period, the company’s stock rose 34.4 percent.
Including Wasson, total compensation for four of Walgreen’s five top executives rose in the latest fiscal year.
Walgreen Chief Financial Officer Wade Miquelon’s total compensation rose 36.3 percent to $4.33 million.
President of Community Management Mark Wagner’s pay rose 38 percent to $4.2 million.
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President of Pharmacy, Health and Wellness Kermit Crawford’s pay rose 44.5 percent to $4.2 million.
Executive Vice President, General Counsel and Corporate Secretary Thomas Sabatino Jr., who was not among the company’s five top-paid executives in the year prior, had total compensation of $3.38 million.
Wasson, who has served as the company’s CEO since 2009, has led Walgreen through a massive transformation over the last two years, including a blockbuster deal in 2012 in which it acquired a 45 percent stake in the European pharmacy chain Alliance Boots GmbH for $6.7 billion.
Walgreen and Boots in March signed a 10-year distribution agreement with AmerisourceBergen Corp. that included a provision allowing it to take up to a 23 percent stake in the Pennsylvania wholesaler. The deal, which AmerisourceBergen said was worth $28 billion in revenue for its fiscal 2014, went into effect Sept. 1 and gives Walgreen daily drug deliveries to its 8,131 drug stores.
For the fiscal year ended Aug. 31, Walgreen’s total sales rose 0.8 percent to $72.22 billion. Net income rose 15.2 percent to $2.45 billion, or $2.56 per diluted share.
Walgreen also said the filing that its annual meeting of shareholders will be held on Jan. 8 in the Grand Ballroom at Navy Pier.
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