Mylan Execs Get 41% Raise; CEO Takes Company Jet on Vacation for "Security" Reasons

Last Updated Mar 31, 2009 3:20 PM EDT

Mylan may have made a loss of $181 million last year following a goodwill writedown of $385 million, but its top execs made out like bandits. They shared $22 million in total compensation in 2008, compared to $15.2 million in 2007, according to a proxy filing with the SEC. That was a combined 41 percent pay raise (not including EMEA president Didier Barret, who wasn't on the 2007 "named executives" list).

CEO Robert J. Coury got a 20 percent pay raise to $12.5 million. He was also "entitled" to use the company owned aircraft for his personal vacations due to "security" reasons:
In addition to each Named Executive Officer's use of the Company-owned aircraft for business travel, Mr. Coury is also entitled to personal use of Company aircraft for vacations and other personal purposes in light of heightened security concerns, and he receives a gross-up of income taxes associated with his personal use of the aircraft. At Mr. Coury's discretion, Mr. Borkowski and Ms. Bresch from time to time may also be afforded personal use of the corporate aircraft.
(Note that this idea that CEOs are somehow forced to use private jets and helicopters also came out at Wyeth and Bristol-Myers Squibb.) Here's the summary:
  • Name, 2008 pay, 2007 pay
  • CEO Robert J. Coury, $12.5 million, $10.3 million
  • CFO Edward J. Borkowski, $3.2 million, $1.5 million
  • COO Heather Bresch, $2.9 million, $1.7 million
  • Head of global tech Rajiv Malik, $2.9 million, $1.7 million
  • EMEA president Didier Barret, $2.2 million, NA Numbers are rounded, includes stocks and options whose value changes over time.

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