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Finally, after a long (and at times contentious) set of turns around the dance floor, Sanofi and Genzyme have agreed to merge.

The big winner? Henri Termeer, who presided over the decline and now sale of Genzyme. A nice $160 million reward for…..what? Certainly not success.

I’m an unabashed capitalist. But this is yet another in a long string of Board-of-Director-abdications-of-responsibility that give pharmaceutical companies (and plenty of companies in other industries) a bad name.

Nobody should get a package anything like this. And, if a top leader does earn (note the word: EARN) a rich payout at the end of his/her tenure, it should be tied to metrics of growth that have clearly rewarded the shareholders, employees, and patients first. If you run a company into the ground, you should be run out on a rail, not driven out in a stretch limo with a bursting bank account.

It’s enough to make you need an anti-emetic.

Yes, the pharmaceutical industry has a P.R. problem. But this type of fiscal irresponsibility is a self-inflicted wound. I can hardly blame a CEO for taking the money and running. But shareholders need to revolt against directors who approve packages like this, and put them out to pasture ASAP. It’s an embarrassment and a travesty.

Pay-for-Performance – let’s start right at the top and then work our way down, shall we??


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