Mylan Inc. Chief Executive Officer Robert J. Coury earned just under $15 million for the last nine months of 2007, according to documents filed for the company's upcoming annual shareholders meeting.
Mr. Coury, 47, was paid $14.98 million for the period, including a base salary of $1.13 million plus bonuses, stock awards and other compensation, the filing showed.
Mylan is reporting financial and other results for a nine-month period in 2007 instead of the full year as it transitions from a fiscal year to a calendar year.
Mylan in February reported a $1.38 billion loss for the quarter ended Dec. 31 and announced a restructuring. The loss, which amounted to $5.04 per diluted share, reflected charges related to the acquisition of Merck Generics in October as well as the January 2007 purchase of Matrix Laboratories, of India.
The proxy filing showed the generic drug company would hold its annual meeting April 25 in Summit, N.J. Mylan is based in Cecil, Washington County, and has held its annual meeting in the Pittsburgh region for the last 10 years. The proxy did not explain the reason for moving the meeting to New Jersey, and Mylan did not return phone calls seeking comment.
The filing showed Chief Financial Officer Edward J. Borkowski was the second highest paid executive at Mylan, with total compensation of $2.87 million in the final nine months of 2007. Other top executives and their payouts included Rajiv Malik, head of global technical operations, with total nine-month compensation of $2.54 million; and Chief Operating Officer Heather Bresch, at $2.45 million.
The proxy also showed that Mr. Coury was protected by a golden parachute that would have been worth some $45.9 million in cash and other severance benefits at the end of 2007. The agreement would pay Mr. Coury if he lost his job for any reason within three years following a change in control of the company.
Mr. Borkowski, Mr. Malik and Ms. Bresch also have transition and succession agreements. At the end of 2007, they would have been worth $8.29 million, $4.21 million and $4.75 million, respectively.