Novartis chairman will receive up to SFr72 million ($76 million) over the next six years after leaving the pharmaceutical company!!!

Novartis chairman, Daniel Vasella, has confirmed that he will receive up to SFr72 million ($76 million) over the next six years after leaving the pharmaceutical company. The news might help tip the balance in a forthcoming vote on fat cat payments.

Vasella told public television that he will be entitled to annual payment of SFr12 million if he respects the clauses of this contract banning him from working for a competitor.

"It would add up to 72 million francs within six years," he told a news magazine on Friday, adding it was “a hypothetical figure” and that his family had decided to donate the money net of taxes.

The news came just two weeks ahead of a nationwide ballot on March 3 on an initiative to give shareholders in Swiss companies a veto over top manager pays.

In January, the 59-year old Vasella announced he would step down as company chairman at the annual general meeting later this month. He has reportedly pocketed a total of SFr300 million in pay at the helm of the pharmaceutical giant over the past 11 years. Full story...

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