Chimerix CEO Berrey Saw a 47.4% Drop in 2017 Compensation

4/26/18

By Ana Irizarry, NCBIZNews

Chimerix Inc. President and CEO M. Michelle Berrey made $2.1 million in total compensation during 2017, according to a Thursday filing with the Securities and Exchange Commission.

Berrey’s total compensation decreased about 47.4 percent from 2016, when she made over $4 million. In 2015, Berrey’s total compensation was almost $5.2 million. The biggest decrease in her compensation came from an 80 percent drop in her option awards to about $557,000 in 2017 from $2.8 million in 2016.

Her base salary increased to almost $542,000 in 2017 from $523,000 in 2016. Her stock awards increased 55 percent to $760,720 in 2017 from $491,000 in 2016. Berrey owns almost 300,000 shares of Chimerix.

Berrey, 51, became CEO in April 2014. She served at chief medical officer before that, appointed in November 2012. She previously worked at Pharmasset Inc. and GlaxoSmithKline PLC. She completed her residency in internal medicine at the UNC-Chapel Hill.

Chimerix Chief Financial Officer Timothy Trost made over $955,000 in total compensation for 2017, a 46.5 percent decrease from his 2016 total compensation of almost $1.8 million. Trost saw an 11.5 percent decrease in stock awards, an 82 percent decrease in option awards and a 3.5 percent increase in base salary. He owns 65,190 shares of Chimerix.

Berrey’s successor as chief medical officer, W. Garrett Nichols, made $1.1 million in 2017 total compensation, a 42 percent decrease from his 2016 compensation of $1.9 million. He saw a 15.2 percent decrease in stock awards, a 77.8 percent decrease in option awards and a 3.5 percent increase in base salary. He owns 35,870 shares of Chimerix.

The company reported a total revenue of almost $4.5 million in 2017, a 21 percent decrease from its 2016 total revenue of $5.7 million, according to a March 1 filing with the SEC.

Chimerix is developing medicines that protect immunocompromised patients from potentially devastating viral infections. The company is pursuing new treatments for hepatitis C virus, flu, malaria and other global public health needs.

The company will hold its annual shareholders meeting June 20 at 8 a.m. at the DoubleTree Suites Hotel, located at 2515 Meridian Parkway in Durham. At the meeting, shareholders will vote to elect three nominees for the board of directors and to ratify Ernst & Young LLP as the company’s accounting firm for the fiscal year ending December 31, 2018.

Chimerix stock was at $4.96 around 1 p.m. on Thursday, up from its opening of $4.94 per share.

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