Retiring Eli Lilly research chief to be given $2-million payout

Eli Lilly disclosed in a regulatory filing that Steven Paul, the drugmaker's retiring head of research, will receive a cash severance payment of $2 million.

In addition, Eli Lilly said that Paul, who will leave in February 2010, will receive an additional 10 years of service credit for purposes of his pension benefit, and will be eligible for a full pension benefit despite his early retirement. Earlier in November the drugmaker announced Paul’s replacement as Jan Lundberg, the former head of discovery research at AstraZeneca.

To read more Top Story articles, click here.