Novartis pay-off to chairman sparks anger
Shareholders expressed anger over a “golden goodbye” for the outgoing chairman of Novartis which will allow him to continue receiving almost his annual pay of 12.4 million Swiss francs over the next six years after he steps down this month.
Daniel Vasella confirmed on Monday that he would receive SFr72 million in exchange for providing continuing advice and agreeing not to offer information to competitors of the Swiss pharmaceutical group, while stressing he would give the money away philanthropically.
The details follow his surprise announcement last month that he would step down ahead of Friday’s annual general meeting, when analysts were bracing for a fresh round of Swiss shareholder criticism of his pay as he stood for re-election. – (Copyright The Financial Times Limited 2013)