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Eli Lilly Doesn't Plan To Claw Back Past Pay From Former CFO - WSJ

  • According to Wall Street Journal, Eli Lilly And Co’s (NYSE: LLY) said it wouldn’t try to claw back past pay from departed finance chief Joshua Smiley.
  • Smiley’s resignation wasn’t related to financial controls, financial statements, or other business matters or judgments.
  • Yesterday, Joshua Smiley resigned following allegations of an inappropriate personal relationship with an employee.
  • However, the company moved to take away Smiley’s 2020 bonus and other incentive compensation. Smiley will have to forego a $1 million cash bonus for 2020, about $3 million of a shareholder value award, as well as current and future equity incentive compensation, totaling more than $20 million.
  • Mr. Smiley is entitled to reduced cash compensation of $9,000 every two weeks through July 2021 to help transition to his successor Anat Ashkenazi.
  • Price Action: LLY stock is up 0.94% at $203.6 during premarket trading on the last check Wednesday.

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