New Valeant Pharmaceuticals CEO got roughly $63M US in compensation
Valeant Pharmaceuticals says a authority and CEO perceived $62.7 million US in remuneration for 8 months of work final year, even as a Quebec-based drug hulk reported a “disappointing” financial performance.
In a substitute news forward of a May 2 annual meeting, Valeant says Joseph Papa’s remuneration enclosed $42 million US in batch awards, $10 million US in batch options, an $8-million US signing reward and a income of $980,769 US salary.
The 61-year-old took a association helm in May.
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His remuneration was reduction than half a $141.6 million US that went to his prototype Michael Pearson in 2015 before he left a association early final year.
Pearson perceived $12 million US in remuneration final year, especially from a $10.5-million US separation and $669,231 US salary.
Valeant had a severe year in 2016 as it mislaid scarcely 90 per cent of a batch value, racked adult waste of $2.4 billion US and came underneath inspection over a drug pricing practices.
“While we are unhappy with a financial formula and share cost performance, we have achieved critical stairs to position a association for a turnaround,” it pronounced in a filing.
Article source: http://www.cbc.ca/news/business/valeant-ceo-joseph-papa-compensation-1.4038090?cmp=rss