Novartis chairman foregoes US$78 mil. payout

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.

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