Ousted Eli Lilly CFO Loses $24 Million in Potential Pay

Josh Smiley’s termination from Eli Lilly for inappropriate communications with employees will cost more than a blow to his reputation. The ousted chief financial officer is giving up $24 million dollars in cash and equity payments.

According to a filing with the U.S. Securities and Exchange Commission, Smiley will forego $1 million of his cash bonus for 2020, as well as approximately $3 million in shareholder value awards that due from the past three years. Smiley is also giving up all of his other current and future awards due to his termination. Those financial awards, including the future earnings, are worth about $24 million.