Today in Basel, Novartis shareholders ratified Joerg Reinhardt's move into the chairman's seat. That might be considered the final, official farewell in former Chairman Daniel Vasella's long goodbye. But shareholders also approved other, more nitty-gritty changes in corporate governance that explicitly undo some of Vasella's work.
In an interview with the Financial Times, Vasella argued that the board's demands for a stringent noncompete clause amounted to "a prohibition to exert my profession."
At a total of 5 million francs, Daniel Vasella's new exit package is a small fraction of the 72 million originally approved by the Novartis board. But at a time when executive pay is under the microscope in Switzerland, some watchdogs are still unhappy.
Call it a rite of spring. Every year about this time, FiercePharma takes a look at executive compensation in the industry, and we rank the highest-paid CEOs. If you're a regular reader, you'll notice that this year's list is longer than previous editions. And there's a reason for that: curiosity. Check out the report >>
While the U.S. government was announcing its kickbacks lawsuit against Novartis, the Swiss drugmaker was putting the finishing touches on a few press releases of its own.
CEO pay in Europe continues to be a flashpoint given the high unemployment and austerity measures the workaday folk on the continent face. Still, a new analysis shows the CEO's of European drugmakers continue to pull in far less than their U.S. counterparts.
The court of public opinion passed quick judgment on Novartis and its 72-million-franc payout for departing chairman Daniel Vasella. The Swiss quickly said no, non and nein to that idea, and the company quickly abandoned that non-compete deal. But will an actual court have its chance to rule?
Swiss media report that Vasella is decamping from his home in Zug for greener pastures in the U.S.
Outgoing Roche Chairman Franz Humer will get a bonus when he leaves next year, Vice Chairman Andre Hoffman told shareholders. But it will be "completely different" from the $76 million fellow Swiss drugmaker Novartis originally planned to pay ex-chairman Daniel Vasella.
Like the naughty child that gets caught doing something wrong, Novartis ($NVS) keeps changing its story about just what it is up to. The Swiss company that succumbed to pressure this week and revoked a proposed $78 million non-compete to departing Chairman Daniel Vasella now says it will hire him as a consultant.