Gilead CEO 2010 Compensation Valued At $14.2 Million

Gilead Sciences Inc. (GILD) Chairman and Chief Executive John Martin received total compensation valued at about $14.2 million in 2010, down 3% from $14.7 million a year earlier, due to a drop in stock awards and other incentive plan compensation.

Martin's base salary rose 8% to $1.34 million last year from $1.24 million in 2009, according to a regulatory filing.

Gilead, which is known for its HIV drugs, saw its net income rise 10% to $2.9 billion on revenue growth of 13% to $7.9 billion. The company's stock dropped 16% in the period.

President and Chief Operating Officer John Milligan earned compensation valued at $6.7 million, down 3.8% from $6.9 million. Milligan's compensation included $14,810 in the forgiveness of a portion of a housing loan made by the company to him in 2001.

The company's preliminary proxy statement also contains a board recommendation that allows a shareholder owning 20% or more of Gilead's stock to call a special meeting of shareholders. The company's bylaws previously didn't include such a right.

The board also recommended a proposal to adopt majority voting standards, rather than a two-thirds vote. The move comes after shareholders voted last year for the board to take such steps; the board had opposed that proposal.

-By Thomas Gryta, Dow Jones Newswires; 212-416-2169; thomas.gryta@dowjones.com

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