Purdue Pharma paid CEO $9M in year before bankruptcy

[TexasTowelie]

Source: AP

OxyContin maker Purdue Pharma paid its CEO $9 million and its board chairman nearly $4 million in the 12 months before the company’s bankruptcy filing last month, according to recently filed financial documents.

Five other board members overseeing the private company were paid a combined $3.7 million over that span.

Purdue, a privately held company that usually does not disclose detailed financial information, had to make the information public as a part of its bankruptcy proceedings.

Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware, said it’s hard to compare CEO Craig Landau’s pay package to other executives. But the money paid to Steve Miller, a corporate turnaround specialist who was brought in to lead Purdue’s board of directors last year, seems excessive, he said.

Read more: https://triblive.com/news/wire-stories/purdue-pharma-paid-ceo-9m-in-year-before-bankruptcy/

[ck4829]

1. K&R for exposure

[EarthFirst]

2. The entire pre-trial & bankruptcy hearings were an absolute travesty...

The fact that a judge allowed the Sacklers to structure everything to shield their own personal assets prior to any arrangements pertaining to the settlement trial or bankruptcy is an absolute sham and completely illustrates how The Corporation runs the show.

[crickets]

3. How is this legal? The mind boggles. K&R for visibility.

[Aussie105]

4. Just collecting the siverware

and storing it in a safe place, before the ship sinks.

Got to plan ahead, you know!