Shareholder revolt at Mylan over Epipen-gouging CEO’s $98M bonus

mostlysignssomeportents:

The board of directors at Mylan have rewarded former CEO Robert Coury with a $98m bonus as he steps into the executive chairman’s role, having overseen a price-gouging scandal over the Epipens used by people prone to life-threatening allergic reactions.

Epipen pricing started to skyrocket in 2004, under the leadership of Heather Bresch, daughter of Democratic Senator Joe Manchin, resulting in a $1.27B overcharge to the US government and prompting competitors to create generic alternatives.

The company paid hundreds of millions in fines, but made billions from gouging, and its share price is up, which led the board to give Coury such a lavish happy ending after his tenure in office.

Multiple shareholder advocacy groups have condemned the handout, including Institutional Shareholder Services and Glass Lewis (who gave Mylan an “F” for compensation decisions).

https://boingboing.net/2017/06/13/failing-up.html