Purdue Pharma CEO Bonus Worth Up to $3M Opposed by States

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By Jonathan Randles

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Attorneys general from California, New York, New Jersey, Illinois and more than a dozen other states on Wednesday as opposed to a request to pay an incentive bonus worth up to $3 million to Purdue Pharma LP’s chief executive officer.

The states filed an objection in the US Bankruptcy Court in White Plains, NY challenging payment of potential financial awards for Purdue CEO Dr. Craig Landau.

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The states said Dr. Landau “is not the right person to lead Purdue and address the inherent dangers of its products and their relationship to the opioid crisis.” The states also noted that before leading the drugmaker, Dr. Landau served in other executive roles during times Purdue’s conduct gave rise to three felonies the company pled guilty to related to its marketing and distribution of OxyContin.

Purdue’s lawyers have previously argued that any financial awards are contingent on hard-to-reach business goals and that Dr. Landau’s leadership is needed to guide the company through chapter 11 and maximize the value of the business for the benefit of creditors, which include opioid victims.

Any executive bonus must be approved by a bankruptcy judge.

Write to Jonathan Randles at [email protected]

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Credit: www.marketwatch.com /

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