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Mylan CEO's Salary Rises, Compensation Falls

Posted on: Tuesday, 2 August 2005, 00:00 CDT

Aug. 2--The salary of Mylan Laboratories Chief Executive Officer Robert J. Coury increased 18 percent in the drug maker's last fiscal year, but Coury's overall compensation fell sharply from the year before, when he received a $6.2 million grant of restricted stock.

Coury's compensation for the fiscal year that ended March 31 was $2.8 million, down from $9.3 million the previous year. He received a $1.3 million salary as well as a $1.3 million bonus last year vs. a $1.1 million salary and a $2 million bonus the year before. Last year's pay also included $131,384 for personal use of the company's corporate aircraft and payments of $56,988 related to tax liabilities Coury incurred for using the company's jet.

Mylan's earnings fell 39 percent during the last fiscal year to $203.6 million, while the Canonsburg company's shares declined 22 percent. They are off 1 percent in 2005, closing yesterday at $17.46, up 10 cents.

The compensation information was disclosed in a report Mylan filed with the Securities and Exchange Commission late Friday.

Mylan also disclosed that on April 1 it terminated a relationship with Coury Investment Advisors, a Pittsburgh firm owned by two of Coury's brothers. Mylan had been paying the firm $25,000 per quarter for investment advisory services.

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MYL,

Source: Pittsburgh Post-Gazette

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