Despite tougher generic competition, a thinning pipeline and an embarassing loss in subprime securities, Jim Cornelius made out well in 2007. His compensation rose to $13.5 million, with a salary of approximately $1.4 million, a bonus of just under $1.1 million, about $2.2 million in incentives, and other compensation totaling $424,954, according to the Associated Press.

“Other” compensation included required company jet travel, car and housing allowances. The bulk of his compensation came from stock options and restricted stock, worth about $8.4 million on the date they were granted. You can see the details in Bristol’s proxy statement.

Of course, Cornelius didn’t become ceo until Feb. 11, 2008. Until then, he had been working as interim ceo since September 2006. He took the interim post after Peter Dolan was forced out for mishandling a patent settlement over the drugmaker’s blood-thinner Plavix. Under his leadership as interim ceo in 2007, Bristol’s stock fell 1.2 percent to close at $26.52, while profit rose 36.5 percent to $2.17 billion.

Still, Bristol took a $275 million charge for subprime securities and the controller and two of his staff departed. Meanwhile, the drugmaker began a restructuring plan that will cut about 10 percent of its work force and close more than half of its manufacturing plants to save $1.5 billion by 2010. And going forward, Bristol-Myers expects a sharp decline in earnings and revenue after Plavix’s key patent expires in November 2011.