deCODE CEO's compensation increases as losses mount Skip to content

deCODE CEO’s compensation increases as losses mount

Iceland-based genomics company deCODE genetics, which recently posted a net loss of $62.8 million for its 2005 financial year, paid its CEO, Kári Stefánsson, over the same time period, over a million dollars in salary, bonuses and other compensation.

Fréttabladid reports that Stefánsson’s pay package increased, in part due to a $300,000 bonus, more than 50% from the previous year.

From 2004 to 2005, the company saw its net losses increase by 10%.

deCODE genetics has lost money every year since it was founded. Earlier this month, Icelandic National Broadcasting Service, RÚV, reported that in the last 10 years deCODE genetics has lost over ISK 32 billion.

Shares of deCODE genetics slid when the company posted a fourth-quarter loss in the beginning of March that did not meet Wall Street expectations.

In mid-February, Stefánsson was the fourth largest shareholder of deCODE genetics with 5.6% worth about ISK 1.8 billion.

For the salaries of other prominent Icelanders click here.

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