Amylin CEO Got 11% Pay Rise Despite Losses; Company Paid $355K for Lawyer to Move House

(MoneyWatch)  Combined executive pay at Amylin rose 10.2 percent last year even though the company lost 50 percent more money than it did the year before, according to a filing with the SEC. Amylin has not made a profit in the last five years, despite its revenues going from zero to $765 million.

Amylin CEO Daniel Bradbury's total compensation went up 11 percent to $4.5 million. The company also gave its general counsel, Marcea Bland Lloyd, $355,510 just to move house from Dallas to San Diego.

Their base salaries all went up, and although they didn't take bonuses, they all got bumps in "other" compensation -- such as pay for untaken vacations. That's where Lloyd's moving bill came in:

In order to provide proper incentive for Ms. Lloyd to relocate to San Diego, we reimbursed her for certain relocation expenses including tax assistance to help offset the financial burden associated with relocating from Dallas, Texas. ...

Included in "all other compensation" for Ms. Lloyd in 2008 include the sums of $26,154 representing relocation assistance and $328,756 representing taxable relocation expense reimbursements, including tax gross ups of $143,831 to help offset the high cost of relocating to San Diego.

Here's the summary table:

• Name, 2008 pay, 2007 pay
• CEO Daniel M. Bradbury, $4.5 million, $4 million
• CFO Mark G. Foletta, $1.3 million, $1.3 million
• SVP R&D Orville Kolterman, $1.5 million, $1.5 million
• General Counsel Marcea Bland Lloyd, $1.2 million, $854,000
• SVP HR Roger Marchetti, $1.4 million, $1.3 million Numbers are rounded, includes stock and options whose value may change.

Director compensation is also an issue; Carl Icahn and Eastbourne Capital, who are both trying to take over the company, say Amylin has not cut enough costs and directors are overpaid. They will be infuriated to learn that average director compensation is now $476.000. That's even higher than it was last year, when average director costs were $440,000.

Chairman Joseph Cook Jr. got $424,000, Ginger Graham got $2.1 million. The lowest paid director got $245,000. Here's a shot of the director summary table:

Amylin's shareholder meeting is May 27.