Mylan CEO Gets $11.6 million in 2008 Compensation
Tue, 03/10/2009 - 6:15am
NEW YORK (AP) — Mylan Inc. Chief Executive Robert J. Coury received $11.6 million in total compensation in 2008, with the bulk coming from stock options as the company's shares managed to buck the lagging market. During the year, Coury received $1.5 million in salary, just under $3.8 million in performance bonus, and $464,037 in other compensation. The latter included about $384,988 for travel using the company jet and $26,787 for the company car. The bulk of his compensation came in the form of stock options totaling just over $5.9 million on the day they were granted by the company. The shares were granted March 18, 2008, at $11.18 per share. The company's stock closed at $12 Monday and it has gained about 16 percent over the past 52 weeks. Meanwhile, the broader market is down more, with key indexes including the S&P 500-stock index and Nasdaq Stock Market losing more than 50 percent during the same period. Mylan has switched its fiscal calendar since last year, and the year-over-year compensation figures are not comparable. It reported his compensation for a special nine-month transition period in 2007, but did not adjust for the full year. Overall, his compensation increased 12 percent when comparing the two periods, though the 2008 figures include three additional months. The Associated Press' compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year. In 2008, the company lost $320.3 million, or $1.05 per share, compared with a loss of $1.23 billion, or $4.91 per share, in 2007 mainly because of hefty charges. But, revenue rose to $5.14 billion from $2.67 billion on gains from acquisitions of generic drug products.