14th Annual Tech And Life Sciences Compensation And Entrepreneurship Study Released
According to an executive compensation study of private businesses released today, non-founder C-suite executives at life sciences and healthcare companies saw their cash compensation increase by three percent year-over-year, while comparable executives at private technology firms experienced an average increase of 1.6 percent. The CompStudy, now in its 14th year, also revealed compensation levels and trends about specific functional roles. In terms of target bonuses, non-founder CEOs at private technology companies surveyed saw 4.4 percent lower target bonuses in 2013 than in 2012, with the average dropping to $131,000. The 1.6 percent increase in average CEO pay was attributable to the bump in their base salaries from $250,000 in 2012 to $259,000 in 2013. CEOs at private life sciences firms surveyed experienced a 2.5 percent increase in target bonuses and a one percent increase in base salaries, bringing their average bonus and base up to $124,000 and $306,000, respectively.
On prior-year bonus attainment, life sciences non-founder CEOs also fared better than their technology counterparts. Life sciences CEOs received, on average, 71.9 percent of their at-plan cash bonus. Technology non-founder CEOs received 60.1 percent of their comparable target. The CompStudy is produced by Park Square Executive Search in collaboration with Professor Noam Wasserman of the Harvard Business School, and is sponsored by Ernst & Young, LLP and WilmerHale. The 2013 CompStudy survey includes over 800 private companies and includes data on more than 4,000 executives. "Over the past year, we have seen an increase in target cash compensation of approximately three percent among CXOs at private life sciences companies. This growth continues to build on the compensation recovery that started last year, after we saw the lowest growth in CompStudy history during the recent economic downturn. This year, M&A activity is up, the IPO window is open, good companies are still getting funded, and the war for talent appears to be alive and well," said Erik Lundh, Managing Partner, Park Square Executive Search. "Acquiring strong talent is a critical factor in the successful expansion of a high-growth company," said Bryan Pearce, Americas Director, Entrepreneur Of The Year® and Venture Capital Advisory Group...
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