Investors demand resignation of Mylan executives over pay packages
As confidence in Mylan continues to fall and share prices plummet after last year’s EpiPen pricing scandal and subsequent PR faux pas, an investor group is calling for the resignation of the company’s Chairman and Director over its executive pay packages and price hiking practices.
At the firm’s annual meeting, over half of the group – which is led by New York City’s Comptroller Scott Stringer – voted against Director Wendy Cameron, and over a third voted against Chairman Robert Coury, calling for him to relinquish the majority of the $100 million he received last year. Directors of the Compensation Committee Neil Dimick and Mark Parrish received almost half of all votes cast, demanding they not be re-elected, and the company’s CEO Heather Bresch (pictured), who has been criticised for using profits from her company’s 600% price hike of its flagship EpiPen product to give herself a sizeable pay rise, received over a quarter of votes against her.
The vote required more than two-thirds of all votes cast to be against the company’s board to force them into a losing position. Though the vote is not binding in any way, over 80% of investors condemned the company’s practices over pay packages.
“We believe Mylan’s independent directors must act swiftly – or risk further erosion in shareowner confidence and value,” the group wrote to independent directors. “Mylan’s share price is already down nearly 50% since its April 2015 peak and the company remains under legal, regulatory and public scrutiny for its EpiPen pricing practices.”
Stringer added: “This board’s oversight failures have hurt investors, consumers and American taxpayers. We need to see change.”
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