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Raymond V. Gilmartin served as the Chairman, President, and CEO of Merck & Co., Inc. from 1994 until May 2005. During his leadership, Gilmartin saw the company through significant changes and growth. By 2005, his total compensation was $2.4 million,...

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Raymond V. Gilmartin

Ex-CEO of Merck & Co.

Education

MBA from Harvard Business School

Field of Expertise

Business & Management

Sector of Economy

Healthcare

Born

March 1, 1941 - 84 years ago

CEO of Merck & Co. for

10 years 11 months (Jun 1994 - May 2005)

Previous Experience

CEO of Becton Dickinson

Holdings

See how much did Raymond V. Gilmartin make over time.

During his tenure at Merck, Gilmartin's holdings fluctuated significantly. At one point, the value of his vested stock options soared to nearly $26.25 million due to strategic company decisions, such as the spin-off of Medco Health. This strategic choice not...

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Compensation History

See how much did Raymond V. Gilmartin make over time.

In 2005, Raymond V. Gilmartin's total compensation was $2,401,458. His salary remained stable at $1,600,008, consistent since 2003. He accepted a bonus of $800,000 based on both the company’s performance and his personal objectives. Gilmartin's compensation was a blend designed to encourage performance and align with shareholder interests, a philosophy that included not receiving any long-term incentive awards in the final year of his tenure. Even while he served as Special Advisor, his previous salary package continued until his retirement, illustrating a structured and long-term approach to executive compensation.

Year

2005

Total Compensation

$2.41M

Salary

$1.60M

Board Justification

The compensation philosophy of the company for the CEO in 2005 is to ensure that rewards are closely linked to Company-wide, division, area, team and individual performance, and to align the interests of the Company’s employees with those of its stockholders through potential stock ownership.

Bonus

$800.00K

Board Justification

The bonus award was determined in light of Company performance, as well as Mr. Gilmartin’s performance against his personal performance objectives, which were established by the Committee at the beginning of the performance year to support the achievement of the Company’s objectives.

Other

$9.45K

Board Justification

Company contribution to the Merck & Co., Inc. Employee Savings and Security Plan.

Restricted Stock

$0.00(0 N/A)

Board Justification

Mr. Gilmartin received stock options and PSUs, but the vested stock for 2005 is not specified in the provided text.

Performance Metrics

The performance metrics of the company for the CEO that determines the compensation in 2005 included earnings per share, sales revenue, and return on operating assets compared to business plan performance targets set at the beginning of the year.

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