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FEB 19, 2013 - Forbes

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Novartis' Exorbitant Pay Package For Former CEO Was More Ridiculous Than It Looked

So there was a big kerfluffle in Switzerland because Novartis, the drug giant, had agreed to give its departing chairman, Daniel Vasella, as much as $78 million as part of a non-compete contract. In other words, he'd keep collecting his annual salary so long as he didn't go work for Pfizer or Roche and tell them all of Novartis' secrets. After this turned into a giant PR disaster, Vasella went to the board and offered to not take the money and they decided to all the whole thing off. Which means that Vasella could go work for Pfizer or Roche if he wanted, but he says he won't.

Tags: Novartis' Exorbitant Pay Package For Former CEO Was More Ridiculous Than It Looked,  Pfizer Latest News