In the face of a lawsuit and widespread criticism, departing Novartis Chairman Daniel Vasella is giving up a 72-million-franc golden parachute.
The Basel-based pharmaceutical company announced on Tuesday that its board of directors and Vasella agreed to cancel the “non-compete” payment.
The payment, set to be distributed over six years, was to take effect after Vasella, 59, steps down as company chairman on Friday at the annual general meeting of Novartis.
In a statement, Novartis said the payment was intended to protect the company by requiring Vasella to “refrain from making his knowledge and know-how available to competitors”.
Vasella, who became company chairman in 1999, said last week he intended to use the net amount of the compensation for charity.
However, the deal came under fire from politicians and business leaders who found it excessive, coming just ahead of a March 3rd national vote on an initiative to curb executive pay at Swiss companies. Full story...
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The Basel-based pharmaceutical company announced on Tuesday that its board of directors and Vasella agreed to cancel the “non-compete” payment.
The payment, set to be distributed over six years, was to take effect after Vasella, 59, steps down as company chairman on Friday at the annual general meeting of Novartis.
In a statement, Novartis said the payment was intended to protect the company by requiring Vasella to “refrain from making his knowledge and know-how available to competitors”.
Vasella, who became company chairman in 1999, said last week he intended to use the net amount of the compensation for charity.
However, the deal came under fire from politicians and business leaders who found it excessive, coming just ahead of a March 3rd national vote on an initiative to curb executive pay at Swiss companies. Full story...
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