Mylan – the company that brings you EpiPen and EpiPen Generic epinephrine auto-injectors – has been in a tailspin, its share price plummeting from $76 in April 2015 to $28 today.
You would think the CEO of a company whose stock has lost 63% of its value would be shown the door and shoved out. You would be wrong.
Quite the opposite. In a public filing reported by Bloomberg, it was disclosed that Mylan CEO Heather Bresch received a hefty raise and significant contract extension.
Readers will recall that Bresch – the daughter of Senator from West Virginia Joe Manchin – was called before the House Committee on Oversight and Government Reform in 2016 to explain the 535% price rise of EpiPen during her tenure over the seven year period ending in 2014.
Despite her performance and the global EpiPen shortage that continues to shake the food allergy community, Bresch received a salary raise of 15% to $1.5 million and a contract extension through April 2024. She is also eligible for a target bonus of $2.25 million.
According to Bloomberg, the filing did not specify whether Bresch would reap additional equity awards which comprise the bulk of her compensation. She received $12.7 million in 2017 of which 70% came to her in restricted shares and stock options.
In addition, the base salary for Mylan President Rajiv Malik, who faces civil suits accusing him of participating in an alleged price-fixing scheme, was also raised 15% to $1.15 million. Malik also received a contract extension to 2022.
