Charles River CEO no bonus for 2nd year
Boston Business Journal - by Tim McLaughlin . Friday, April 1, 2011, For the second year in a row, Charles River Laboratories (NYSE: CRL) Chairman and CEO James Foster did not receive a cash bonus, but his total compensation still approached $5 million in 2010 when the company was forced to pay a $30 million breakup fee after a merger deal soured. In July, Charles River and China's WuXi PharmaTech Inc. (NYSE: WX) mutually agreed to abandon their merger plans, triggering the breakup fee payout. Charles River backed away from the deal after stockholders raised issues that included concerns about how much debt the company would have. Charles River agreed to buy Chinese rival Wuxi for $1.6 billion to expand its presence in China. Foster's total compensation in 2010 was $4.8 million, including a salary of nearly $1 million and stock-based grants valued at $3.46 million, according to the company's latest proxy statement. His last cash bonus was in 2008 when he received 817,133. Foster's deferred compensation account, meanwhile, totaled nearly $9 million at the end of 2010. Besides the unraveling of the WuXi deal, Charles River had other bumps in the road during 2010. The company's net loss was $337 million after posting a profit of $114 million in the previous year. Based in Wilmington, Mass., Charles River is known for providing drug discovery tools to pharmaceutical companies such as Pfizer Inc. (NYSE: PFE). It is probably best known for its genetically modified research rats.
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