Tuesday, April 7, 2009
Phoenix Business Journal
Medicis Pharmaceutical Corp. bumped up the salary of CEO Jonah Shacknai by 3.8 percent in 2008 to $1.1 million, according to the Scottsdale company’s proxy statement filed with the U.S. Securities and Exchange Commission.
Shacknai also received $1.52 million in stock awards, stock options valued at $489,545, a performance bonus of $1.01 million, and 401(k) and insurance payments of $12,219. That puts his total compensation at $4.14 million, off nearly 10 percent from 2007’s tally, according to the proxy.
The company’s 2008 revenue rose 13 percent to $501 million, however, profits fell to $10.3 million, or 18 cents a share, from last year’s $70.4 million. Annual dividends increased to 16 cents a share from 12 cents. Medicis’ products focus on dermatological, podiatric and aesthetics medicine.
In determining pay, the Medicis’ compensation committee noted that 2008 was a year of positives and challenges with record revenue and the acquisition of LipoSonix Inc., a Seattle company specializing in body contouring treatments. Financials were restated affecting statements for 2003 through 2008, which could have resulted in “windfall” bonuses for executives, however, committee members said they chose not to use those figures in calculating benefits.
Medicis stock (NYSE:MRX) has ranged between $7.85 and $24.49 over the past year, trading in at $12.50 per share at midday Tuesday.
Shacknai owns 1.39 million shares of Medicis stock and has rights to purchase another 2.03 million shares for a 5.6 percent stake in the company. He moved the company from New York to Arizona in 1995.
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