Novartis Chairman Agrees to Cancel $78 Million Payout
This article is for subscribers only.
Novartis AG scrapped a plan to pay outgoing Chairman Daniel Vasella as much as $78 million to keep him from working for rivals after details of the payout emerged days before a Swiss referendum on executive compensation.
The accord that was “intended to protect the company” barred Vasella from “making his knowledge and know-how available to competitors,” the Basel, Switzerland-based drugmaker said in a statement today.