Mylan insiders sold $118 million in stock last month, thanks to the company deciding to accelerate stock options and compensation awards "in the best interest of the shareholders." To be more specific, the Executive Chairman sold $50 million!! The CEO sold approx $21 million! The President sold $15M! The President of North America sold $2Million! The board members all sold between $2M and as much as $7million for Dr. Maroon! If you remember, back in December, they accelerated large parts of their compensation packages, including these stock options to vest in advance of the "new" company, located outside of the US to avoid paying taxes to the United States of America. According to insiders, this was done in an effort to "save shareholders" the burden of reimbursing insiders with transaction-related excise tax penalties associated with transitioning the compensation packages as-is, to the "new company." Don't you think that it was a BIG assumption that these shares all would have vested, eventually? How do they know that all of these Executives would still have been at the company when these options were going to vest? This has been described as "piggish" behavior by various investment sites. I'm not suggesting that they did anything illegal. I just wonder how that makes you feel, as a sales rep, scratching and clawing to hit your numbers, so that these "leaders" can do what's in their best interest. Do they make these kinds of assumptions when determining whether you should make a bonus?
Again - 99% of us will not get to those positions. Great problem to have, but reality says "who gives a shit what they do"? We don't have to, and we never will, face those issues. Why not complain about Bill Gates or Warren Buffett while your at it, because you never will be them either. We are sales reps that still have a job when most are downsizing. Don't like it, then move on
"we are sales reps that still have a job when most are downsizing." Don't count your chickens yet. Epipen goes generic in 90 days. I was with Sanofi for nearly 10 years and listened to multiple executives talk about how we would all keep our jobs after losing branded products to generic offerings. Most of us still got canned in spite of the promises from the multi-millionaires running the company. I think the Mylan leadership is honest when they say that we will all keep our jobs. I also think that they have zero experience in losing a billion dollar brand to generic competition. When the revenue dries up- tough decisions are made. Those decisions never involve executives getting laid-off or passing on their millions in bonus. It always involves reducing costs... We are the most expensive cost.
so you would rather they fire us all now? Is that your point? Or do you want an equal amount of executives that got stock options over a number of years fired too, just because they were in positions that offered them stock options better then us? Why draw a comparison to their potential stock cash out to a generic Epipen situation? Your logic is lost on me. You know the risks. Who guaranteed you a lifetime job?
I don't think that the point was that anyone thinks that they have a job for life. I think the point is that just because the executive team says that there will not be layoffs because of Epipen going generic doesn't mean that our jobs are safe. Let me "paint the picture" for you: The Mylan leadership team is like the New England Patriots. We just won theSuper Bowl. But in June, instead of playing football- we're going to be playing basketball against a world class team like the Spurs. How confident would you be if they were telling us "you've got nothing to worry about. We're world champions so we got this! We'll kick their ass!" Sorry man. I'm worried. We're going to be playing a whole new game with a new set of rules. I like their confidence. I really do. But who really knows how the score is going to come out? Call me a realist. We'll fight the fight to the end. But the end might be a big revenue hit that requires job cuts. I've seen this movie before.
