Purdue Pharma paid CEO $9M in year before bankruptcy
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 financial documents filed with the bankruptcy court this week.
Five other board members overseeing the private company were paid a combined $3.7 million over that span. In a statement Wednesday, Purdue said the pay reflects the market.
Purdue filed for bankruptcy in September as part of an effort to settle nearly 2,700 lawsuits that seek to hold the company accountable for its role in the nation’s opioid epidemic.
It is trying to reach a settlement that could be worth up to $12 billion over time.
Board chairman Steve Miller, known for helping restructure struggling companies, was brought in last year.