Autor: Lurdes

CEO's pay is under fire amid opioid epidemic

julho 26, 2017


Comentários desativados em CEO's pay is under fire amid opioid epidemic

Ohio sues drugmakers over opioid epidemic

McKesson CEO John Hammergren has earned $692 million in the past 10 years. The Teamsters think that’s too much.

On Wednesday, the union plans to protest Hammergren’s compensation at the drug distributor’s annual shareholder meeting. They argue that McKesson, as a distributor of oxycodone and hydrocodone pills, has played a role in the U.S. opioid epidemic.

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“For years, McKesson allowed opioids to flood into our communities, and despite the irreparable harm and growing reputational and financial risks, the company has continued to reward [Hammergren] with ballooning bonuses and some of the most lucrative pay packages in the country,” Teamsters General Secretary-Treasurer Ken Hall said in a statement.

The union, which holds more than $30 million worth of McKesson shares, has also filed a shareholder proposal to install an independent board chairman who hasn’t previously served as a top executive.

Hammergren, who has been CEO of McKesson since 2001, has served as chairman of the firm since 2002 as well.

“We can’t afford another decade of business as usual at McKesson,” Hall said.

For its part, McKesson is asking shareholders to approve Hammergren’s compensation and oppose the Teamster’s chairman proposal, and says it’s working hard to address the opioid crisis.

“We take our responsibility to help manage the safety and integrity of the pharmaceutical supply chain extremely seriously and are committed to maintaining — and continuously improving — strong programs designed to detect and prevent opioid diversion,” the company said in a statement to CNNMoney.

Related: The opioid epidemic is draining America of workers

The state treasurers of West Virginia, Illinois and Pennsylvania backed the idea of an independent board chairman in a letter sent to McKesson on Monday. They also said McKessen should include a “metric for senior executive compensation related to progress towards the fight against the opioid epidemic.”

McKesson shareholders, including the Teamsters, worry about the company’s financial exposure.

In its petition, the union cites the “potential reputational, legal and regulatory risks McKesson faces over its role in the nation’s opioid epidemic.”

In January, McKesson agreed to pay a $150 million settlement and suspend sales of controlled substances from distribution centers in Colorado, Ohio, Michigan and Florida, according to Justice Department documents. The government said it concluded that the company had not properly identified pharmacy orders that should have been scrutinized due to their frequency and size. In 2008, McKesson was fined $13.25 million for a similar problem, the department said.

Many Teamsters also come from areas afflicted by the opioid epidemic — and for them, the subject of addiction hits home.

At the 2016 Teamsters international convention Travis Bornstein, president of the Local 24 group in Akron, Ohio, spoke about his son Tyler, who died of a heroin overdose in 2014 at age 23.

The Teamsters raised more than $1.4 million to fight addiction after he spoke, according to a union statement about the event.

Hammergren’s 10-year payout of $692 million includes his salary and bonus, as well as the value of his vested shares and the money he made when he exercised his options, according to executive compensation data firm Equilar.

Much of that value comes from the dramatic rise in the company’s stock price. The value of shares has nearly tripled since mid-2007, Equilar said.

McKesson says its board has appointed an independent committee to review the company’s distribution of controlled substances, and that the company has invested millions of dollars to revamp its system for monitoring the distribution of controlled substances.

The Teamsters’ efforts “do little to address the root causes of the opioid epidemic,” the company said. McKesson also said it believes the Teamsters’ actions are related to a labor dispute at one of its facilities.

The Teamsters represent about 1,500 McKesson workers and one group is bargaining for its first contract, according to a union official. But the group said its efforts to hold drug distributors accountable for the opioid crisis stem from the response the issue received at last year’s national convention.

CNNMoney (New York) First published July 25, 2017: 9:03 PM ET

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Scaramucci begins White House press shop shake-up

julho 25, 2017


Comentários desativados em Scaramucci begins White House press shop shake-up

Will WH shake-up lead to more combative press strategy?

Newly-minted White House communications director Anthony Scaramucci told Politico on Tuesday that he planned to fire an assistant press secretary at the White House.

That was news to the staffer, Michael Short, who told CNN minutes after the story broke: “No one has told me anything.”

Scaramucci has said that he would reshuffle the White House’s press and communications operations in an effort to stem the flow of internal leaks and Scaramucci warned in the Tuesday Politico interview that he would continue to oust members of the White House’s communications team until the leaks stopped.

“No one has told me anything and the entire premise is false,” Short said Tuesday morning, referring to the Politico story that suggested his firing was tied to Scaramucci’s efforts to root out leaks.

Early Tuesday afternoon, though, Short told multiple reporters that he had resigned.

At a gaggle with reporters late Tuesday morning, Scaramucci specifically pointed to the report of Short’s possible firing as a reason that leaks need to stop — even though he was reportedly the one who’d told Politico that Short would be fired.

“Let’s say I’m firing Michael Short today. The fact that you guys know about it before he does really upsets me as a human being and as a Roman Catholic,” Scaramucci said. “I should have the opportunity if I have to let somebody go to let the person go in a very humane, dignified way, and then the next thing… is help the person get a job somewhere, OK, because he probably has a family, right? So now you guys are talking about it, it’s not fair. … Here’s the problem with the leaking, why I have to figure out a way to get the leaking to stop, because it hurts people.”

The dismissal shed some light on how Scaramucci, a New York financier and trusted adviser to the president, will run the White House’s communications and press outfits and how he might plan to handle the firing of staffers now under his purview.

Scaramucci has guaranteed job security to only three White House staffers involved in the White House’s communications operations: newly-appointed White House press secretary Sarah Huckabee Sanders, director of strategic communications Hope Hicks and social media director Dan Scavino.

“As it relates to the other people in the comm shop, I’ve got to get to know them,” Scaramucci said Friday in the White House briefing room, hours after he was tapped for his new post. “I got to get to know the people. They got to get to know me. Hopefully they’ll like me and they’ll want to stay and we’ll see what happens.”

Scaramucci has said in a series of interviews in recent days that he plans to take a hard line on leaks. In an interview with conservative radio host Hugh Hewitt on Tuesday he urged White House officials to “stop acting like Mean Girls.”

“Just think about the extraordinary opportunity and the blessing that we have here to serve our country and serve our president. So if you’re going to fight with each other and leak on each other, and say stupid things about each other in the corridor, maybe we can stop doing that, and stop acting like Mean Girls from the 2004 movie,” Scaramucci told Hewitt.

In a statement released Tuesday afternoon, the White House said, “Today, White House Press Secretary Sarah Sanders accepted the resignation of Senior Assistant Press Secretary Michael Short. We are grateful for Michael’s service and wish him well in his future endeavors.”

CNNMoney (New York) First published July 25, 2017: 1:50 PM ET

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