Mylan NV Chairman Robert Coury’s compensation rose 46 percent to $22.5 million in 2014, the drugmaker said Thursday, as it fights off a takeover approach from rival Teva Pharmaceutical Industries Ltd.
Mylan’s board unanimously rejected a $40.1 billion takeover offer from Teva on Monday, saying the offer was too low and didn’t address the challenges of combining two companies with different cultures.
In a strongly worded letter to Teva Chief Executive Officer Erez Vigodman, Coury criticized the way Teva’s business has been run.
“For the sake of your current and future shareholders, employees, patients, customers, communities and other stakeholders, I do hope you find a way to eventually change Teva’s culture and establish credibility in your business dealings,” Coury told Vigodman in the letter. “However, we do not wish to make Teva’s problems Mylan’s problems.”
In a response, Vigodman said Coury presented a “fundamentally distorted picture” of his company and said its leadership team favors “restraint and a pay-for-performance philosophy” when determining executive compensation.