Endo was struggling—hard—when CEO Rajiv de Silva departed last September, turning the reins over to current chief Paul Campanelli. But that didn’t stop de Silva from tallying more than $19 million in 2016 pay.
De Silva scored $19.18 million for helming Endo for less than 10 months last year, a sum that nearly doubled the $10.91 million he pocketed the year before. On top of a base salary of $840,337, Endo handed him more than $10 million in share awards and $2.5 million in options.
De Silva also nabbed more than $5.6 million in other compensation—most of which came in the form of $5.2 million in severance pay. Also included: Endo forked over $94,932 rather than give de Silva 30 days' notice that he'd be terminated, and paid $250,000 for his accrued vacation.
De Silva’s golden parachute isn’t as big as it might have been had Endo’s shares performed better, though. His options are valueless today, but theoretically could regain value if Endo’s shares take an upturn.
Lately, however, investors haven’t had a whole lot to be excited about. In late February, the company recorded a $3.5 billion writedown, thanks to its suffering generics unit; that event followed three layoffs announcements and a slew of executive exits, including De Silva’s.
RBC Capital Markets analyst Randall Stanicky is upbeat about the company’s future, however; as he wrote in a note to clients last month, “there is some potential for surprise going forward.
“Management has taken several steps to refocus the business and we walk away from our meeting with the feeling that focus on execution is high,” he said.