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SmithKline severances

Executive Summary

Firm's proxy statement for April 26 annual meeting details resignation packages for three of the recently departed senior execs: President George Ebright ( $ 1.16 mil. plus approximately $ 250,000 annual retirement benefits); SK&F R&D President Stanley Crooke ( $ 620,000, a $ 310,000 three-year interest-free loan, $ 25,000 per year for two years consulting, and $ 250,000 each year for four years "to support Dr. Crooke's ongoing research"); SK&F Labs President James Cavanaugh ( $ 540,000). Part of the cost of the severance packages was defrayed by a cut in the bonus to SmithKline Chairman Henry Wendt. The chairman received a $ 750,000 bonus for 1987 and no bonus in 1988.
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PS015359

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