Perrigo Finalizes Interim CEO Compensation with $2.5M RSU Grant
PRGO sits 20% above its 52-week low of $9.225.
Summary
Perrigo has disclosed the compensation package for its Interim President and CEO, Albert A. Manzone, including a $1.27 million annual salary and a $2.5 million restricted stock unit grant.
Key Events · Executive and Board Changes · PRGO
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Interim CEO Compensation Finalized
Perrigo has disclosed the definitive compensatory arrangements for Albert A. Manzone, who was appointed Interim President and Chief Executive Officer on June 7, 2026.
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Substantial Equity Grant Awarded
Mr. Manzone will receive a one-time special restricted stock unit (RSU) grant with a grant-date fair value of $2.5 million, vesting upon the earlier of one year, the hiring of a permanent CEO, or a change of control.
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Fixed Term and Base Salary
The interim employment agreement is for a fixed term from June 7, 2026, to December 31, 2026, with an annual base salary of $1.27 million.
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Performance-Based Cash Bonus
A one-time cash bonus of $250,000 is included, subject to performance metrics approved by the board of directors.
Analysis · PRGO · Life Sciences
This amendment provides the full compensation details for Albert A. Manzone, who was appointed Interim President and CEO following the previous CEO's resignation. The package includes a $1.27 million annual base salary, a $250,000 performance bonus, and a significant $2.5 million restricted stock unit grant. These terms are important for understanding the company's leadership costs during a period of transition and financial challenges, especially after a recent CEO departure due to personal conduct and a substantial Q1 net loss.
At the time of this filing, PRGO was trading at $11.09 on NYSE in the Life Sciences sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $9.23 to $28.44. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.