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Investing

24/7 Wall St. Most Overpaid CEO Of The Day: PharmaNet Development (PGDI) CEO Jeffrey P. McMullen

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By Douglas A. McIntyre Updated Published

AngrybearPharmaNet Development (PDGI), a clinical services company, lowered its 2008 forecast for the second time, projecting a loss of 25 cents to 58 cents per share on $358 million to $366 million in revenue.

Investors were unusually upset and sent the stock down 52% to $10.07, a new 52-week low. The period high was $43.05.

The company’s CEO Jeffrey P. McMullen does not have to worry much.

McMullen had a base salary of $695,000 last year. He even got a raise to $740,000 for 2008. In 2007, Mullen picked up a bonus check for $886,000.

According to the PDGI proxy, Mr. McMullen’s employment agreement awards him perquisites up to the amount of $32,500. If there is change of control at the company he gets 36 months of his base pay.

That’s a very good deal for a company which has wiped out $600 million of its market cap.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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