Normally, investors and employees ought to cheer Allergan's restraint. At other companies, Pyott's pay packet would have ballooned like the Natrelle breast implants it sells.
But the footnotes on page 71 of the SEC disclosure reveal that a couple of Pyott's senior management team have generous compensation arrangements:
- EVP/president Europe, Africa, and the Middle East Douglas S. Ingram received $277,570 towards the cost of his house and a private education for his children. The company said they were "relocation allowances." It did not explain why Allergan was paying for his children's education -- it doesn't pay for anyone else's -- or why Ingram was unable to find a decent public school on any of those three continents.
- Similarly, R&D chief Scott M. Whitcup received an interest free home "loan" for $300,000 that will be forgiven in its entirety by the end of this year. In other words, Allergan paid for his house.
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