WINSTON-SALEM, N.C. — Targacept Inc. paid its top executive, Dr. Stephen Hill, a salary of $500,000 for fiscal 2013, the company reported in a regulatory filing today.
However, Hill’s total compensation was down 43 percent because he was not provided with any stock option awards after getting options valued at $1.18 million on the date they were awarded in fiscal 2012.
Targacept, a Winston-Salem anchor of the Triad’s biotechnology sector, develops drugs based on the use of nicotinic receptors to treat diseases of the central nervous system. Its workforce has been reduced from 134 to 43 in the past 2½ years as part of a corporate downsizing reflective of a significantly reduced funding stream.
Hill took over as president and chief executive in December 2012. His fiscal 2013 salary was about $9,000 higher than the last annual salary his predecessor, Don deBethizy, was paid.