LONDON -(Dow Jones)- David Brennan, the departing CEO of AstraZeneca PLC (AZN.LN), will retire with a pension worth almost GBP1 million per year, as part of a broader "golden goodbye" package worth up to GBP40 million, the Sunday Times reports without citing sources.

Brennan, who had headed the Anglo-Swiss drugs giant for more than six years and has been at the company for 36 years, last week announced his intention to step down on June 1, following pressure from investors, who had called for a management shake-up at the company.

The announcement of Brennan's departure came as the company posted a 44% drop in net profit in the first quarter and an 11% decline in revenue, amid broader concern about its drugs pipeline and investor returns.

A spokeswoman for AstraZeneca Sunday said the report was premature as Brennan's final pay package hadn't yet been calculated or signed off.

"David Brennan announced his intention to retire to the board on April 26th and the terms of his retirement have yet to be agreed and approved by the board," the spokeswoman said.

"They will be disclosed in due course."

Newspaper Web site: http://www.timesonline.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320