Novartis chairman foregoes US$78 mil. payout
APBERLIN -- Swiss drugmaker Novartis AG has agreed with its outgoing chairman to scrap plans for a farewell non-compete deal that could have netted him up to 72 million francs (US$78 million).
February 21, 2013, 12:04 am TWN
The announcement followed criticism from some of the Basel-based company's shareholders and Swiss politicians.
Daniel Vasella, 60, who is retiring later this month, announced Tuesday that he and the company had agreed to forgo a “non-compete” payout that many people found “unreasonably high.”
“I have understood that many people in Switzerland find the amount of the compensation linked to the non-compete agreement unreasonably high, despite the fact I had announced my intention to make the net amount available for philanthropic activities,” Vasella said in a statement.