Investors urged to oust Astra boss Soriot as pharma giant hit by series of high-profile legal claims
AstraZeneca investors are being urged to fire longtime CEO Pascal Soriot.
In a notable intervention ahead of next Thursday’s annual general meeting, the shareholder advisory service Pirc called for his resignation amid concerns over mounting legal battles.
Pirc said the sheer number of claims could cause “financial or reputational damage to the company.” It added “it is not clear” how Soriot has tried to protect the company.
There has not been a single case that Pirc has brought forward, but the pharmaceutical giant has been hit with a number of high-profile claims recently.
Complaints: Shareholder advisory service Pirc called for the removal of Astrazeneca boss Pascal Soriot (pictured) amid concerns over mounting legal battles
This includes an £800m dispute in the US over an old heartburn drug and claims from patients in the UK affected by the Covid jab.
Pirc described Soriot’s pay package as ‘very excessive’ after being handed £15.3 million in 2022.
Soriot, 63, has become one of the UK’s best-known CEOs since taking over in 2012, during which time he has been paid nearly £120 million.
He has been credited with a turnaround that changed his image. Shares have crossed £120 thanks to an increase of almost 140 per cent over the past five years.
One analyst said: “Pascal is extremely loved and seen as pivotal to the company’s transformation over the past decade.”
Another said, “Realistically, the chances of this getting anywhere are slim.”
Last year, only 0.07 percent of shareholders voted against Soriot’s nomination.
Astra declined to comment.