Mr. Ball's compensation increased to $9.9 million, up 12.6 percent over 2012, when it was about $8.8 million. The 2013 pay was still below the $12.3 million that the CEO took home in 2011, his first year as top executive.
Stock and option awards granted to Mr. Ball, 58, fell to a total of $6.8 million, from $7.2 million, but the drop was more than offset by an increase in Mr. Ball's incentive pay, which nearly quadrupled to $2 million from about $518,000, according to a proxy statement filed this afternoon with the Securities and Exchange Commission.
The incentive pay included about $1.5 million for meeting income performance and corporate goals and $500,000 for meeting one of five long-term goals that are part of the company's chief executive officer milestone incentive award program. Mr. Ball achieved the goal of improved customer service levels in 2013, according to the filing.
Hospira reported sales of $4.0 billion in 2013, a 2.2 percent drop from the prior year's top line of $4.09 billion. It is projecting roughly flat sales and earnings growth in 2014.
The company posted a net loss of $8.3 million, or 5 cents a share, compared with a gain of $44.2 million, or 27 cents a share, in 2012. Excluding extraordinary charges, such as remediation costs, it booked $347.6 million in adjusted net income, 4.3 percent higher than $333.3 million in the prior year.
Mr. Ball's incentive pay is based on the adjusted income figures.
In 2013, Hospira's manufacturing problems with injectable pharmaceuticals appeared to abate after near two years of difficulties, mainly at its plant in Rocky Mount, N.C. But the progress was offset by problems with its medical device lines, which suffered after the Food and Drug Administration placed an embargo in February 2013 on drug pumps made at the company's Costa Rica facility.
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