John Hammergren

John H. Hammergren
Born
John Hammergren

(1959-02-20) 20 February 1959 (age 65)
Saint Paul, Minnesota, U.S.
Occupation(s)CEO of McKesson Corporation, Retired

John H. Hammergren is an American businessman. He is best known for his role as chairman and CEO of McKesson Corporation since 1999.[1] On November 1, 2018, Hammergren announced his plan to retire.[2] On April 1, 2019, he officially retired from McKesson. He was succeeded by Brian Tyler.[3]

Early life and education

Hammergren was born in Saint Paul, Minnesota, on February 20, 1959. His father was a traveling salesman in the healthcare industry.[4]

After attending the University of Minnesota, Hammergren received an MBA from William College Of Business at Xavier University.[4][5]

Career

Hammergren began his career at American Hospital Supply, which was subsequently purchased by Baxter Healthcare.

McKesson Corporation

In 1996, Hammergren was hired by McKesson Corporation to run the Pharmaceutical division at McKesson.[4]

In 1999, soon after McKesson's fraud scandal, he was named president and co-CEO of the company, becoming sole CEO in 2001, and chairman of the board in 2002.[6][7]

Hammergren was elected president and CEO of McKesson in 2001 and chairman in 2002.[2] In 2017, McKesson was involved in a number of lawsuits against the state of Arkansas over the supply of vecuronium bromide.[8]

Lawsuits alleged that McKesson directors paid little attention to oversight of opioid sales after a 2008 settlement centering on the company's insufficient monitoring of such shipments. The lawsuit involved ten existing and former executives and directors, including Hammergren.[9]

Hammergren was criticized for his pay given the controversy surrounding the company's role in the opioid epidemic and failure to report suspicious opioid orders.[10]

Hammergren's annual bonus pay was increased to amount of $1.1 million in 2017. The International Brotherhood of Teamsters, who own shares in the company, said of the bonus pay issue: "It is staggering that Hammergren received a $1.1 million boost to his bonus just months after the company announced it had reached a record $150 million settlement with the DEA in a year the company faces mounting litigation, negative press and Congressional scrutiny." The union urged shareholders to vote against Hammergren's compensation package at the company's annual shareholder meeting.[11]

Highest paid CEO

In December 2011 it was revealed that Hammergren was the highest paid CEO in the U.S. with total remuneration in excess of $700 million.[12]

Annual total compensation payouts
1999 2008 2009 2010 2011 2012 2013 2014 p 2015 2016
(in million $) 0.692[6] 41[6] 37[6] 55[13] 46[6] 66.3[14]

In June 2014, Glenn Gray, a former employee at McKesson returned to the company's annual meeting to ask that Hammergren's $292 million severance package be redistributed to low-paid employees. The proposal was defeated by the shareholders. He had also earlier, in 2013, 4 months before being relieved from his duties at McKesson, asked for wage raises during the company's annual meeting too.[15]

According to a Bloomberg Pay Index, Hammergren had taken home $781 million as of July 2017, since becoming sole CEO at McKesson in 2001.[16]

Hewlett-Packard

In 2005, Hammergren was elected to Hewlett-Packard's board of directors.[17] Hammergren served until 2013 when he left the board.[18] New York City's public pension funds supported the efforts to oust Hammergren and G. Kennedy Thompson because of their support for the company's 2011 acquisition of British software maker Autonomy and "their failure to protect investors from costly, misguided acquisitions."[19] Hammergren received less than 60 percent of the vote for reelection at the 2013 annual shareholder vote and subsequently resigned.[20]

Awards

Other tenures

Book

  • Hammergren, John (2008). Skin in the Game: How Putting Yourself First Today Will Revolutionize Health Care Tomorrow. Wiley. ISBN 978-0470262788.

References

  1. ^ Joseph Ajith. "Sheikha Mozah Bint Nasser Al-Missned". Forbes. Retrieved 2015-07-30.[dead link‍]
  2. ^ a b Walker, Joseph (2018-11-01). "Longtime McKesson CEO to Step Down". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-07-07.
  3. ^ "Brian Tyler Becomes McKesson's New CEO | McKesson". www.mckesson.com. Retrieved 2019-04-05.
  4. ^ a b c Bennett, Johanna. "Why Bigger Is Better". Barrons. Retrieved 2020-07-07.
  5. ^ Hess, Abigail (2018-05-22). "Here's where the CEOs of the top 10 Fortune 500 companies went to school". CNBC. Retrieved 2020-07-07.
  6. ^ a b c d e Gary Rivlin (1 February 2016). "He's One of the Nation's Highest-Paid CEOs—and You've Never Heard of Him". Thedailybeast.com. Retrieved 2016-07-31. On December 17, 2017, CBS's 60 Minutes implied that Hammergren's negligence allowed the opiate epidemic to kill thousands of Americans, documenting repeated failure of McKesson to monitor and report suspiciously large orders of opiates by small pharmacies in rural locations.
  7. ^ Maremont, Mark (2013-06-25). "For McKesson's CEO, A Pension of $159 Million". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-07-07.
  8. ^ Berman, Mark (2017-04-14). "Drug companies take aim at Arkansas executions and demand lethal injection drugs back". Washington Post. ISSN 0190-8286. Retrieved 2018-03-30.
  9. ^ "McKesson Records Show Failed Opioid Oversight, Lawsuit Says". Bloomberg.com. 2017-12-08. Retrieved 2018-03-30.
  10. ^ Morgenson, Gretchen (2017-07-21). "Hard Questions for a Company at the Center of the Opioid Crisis". The New York Times. ISSN 0362-4331. Retrieved 2018-03-30.
  11. ^ "McKesson Shareholders Say the Opioid Crisis Should Have Cost the CEO Some Bonus Pay". Fortune. Retrieved 2018-03-30.
  12. ^ Rushe, Dominic (14 December 2011). "Revealed: huge increase in executive pay for America's top bosses". The Guardian. London.
  13. ^ Strauss, Gary (8 July 2011). "CEOs reap huge payouts in 2011, corporate filings show". USA Today. Retrieved 2015-07-30.
  14. ^ "CEO exit pay under attack among Fortune 500". Fortune. Retrieved 2018-03-30.
  15. ^ Dawn Kopecki (30 July 2014). "Fired McKesson Worker Loses Fight on CEO Hammergren's Potential Exit Pay". Bloomberg.com. Retrieved 2016-07-31.
  16. ^ "Overdose Victim's Dad Rallies Teamsters in Fight With McKesson". Bloomberg.com. 2017-07-21. Retrieved 2018-03-30.
  17. ^ Guglielmo, Connie. "Hewlett-Packard's Board Continues To Deliver Drama As Chairman Lane Steps Down". Forbes. Retrieved 2018-03-30.
  18. ^ a b Hardy, Quentin (2013-04-04). "H.P. Chairman Steps Down as 2 Resign From Board". The New York Times. ISSN 0362-4331. Retrieved 2018-03-30.
  19. ^ CNBC (2013-03-08). "NYC Pension Funds Fight to Replace Two HP Directors". CNBC. Retrieved 2018-03-30.
  20. ^ "The Fall Of HP And The Price Of Board Dysfunction - Sam Fitch". Seeking Alpha. 30 January 2017. Retrieved 2018-03-30.
  21. ^ "The Best-Performing CEOs in the World". Harvard Business Review. November 2014. Retrieved 2016-07-31.
  22. ^ "The Best-Performing CEOs in the World". Harvard Business Review. November 2015. Retrieved 2016-07-31.
  23. ^ "John H. Hammergren - Executive Profile & Biography | McKesson". www.mckesson.com. Retrieved 2018-03-30.
  24. ^ "2018 HLC Members" (PDF). Healthcare Leadership Council.
  25. ^ "Board of Trustees". www.csis.org. Retrieved 2018-03-30.

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