Enlarge / Heather Bresch, chief executive officer of drugmaker Mylan, faces backlash and an ouster from shareholders. (credit: Getty | Bloomberg)
An influential advisory firm, the Institutional Shareholder Services (ISS), has urged Mylan’s already mutinous shareholders to vote against the company’s incumbent board of directors following the damaging EpiPen scandal and exorbitant executive salaries, Reuters and Bloomberg report.
The ostensible price gouging and greed of the incumbent board led to “significant destruction in shareholder value” and “long-term reputational damage,” ISS wrote in an e-mailed report. In an unusually aggressive move, it urged shareholders to try to oust ten Mylan director nominees, including Chief Executive Heather Bresch, President Rajiv Malik, and Chairman Robert Coury, as well as the compensation committee members.
“All incumbent directors should be considered accountable for material failures of risk oversight over a number of years, when warning signs were available to the company but no actions appear to have been taken,” the firm concluded.
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