Novartis AG Chairman Daniel Vasella, who spent more than two decades building Europe’s largest drugmaker, said he will step down next month because finding the right successors coincided with a good pipeline for the company and his own timing.
Novartis AG’s 72 million Swiss-franc ($78 million) payout to prevent outgoing chairman Daniel Vasella from working for a rival undermines the cause of campaigners fighting to avoid tougher curbs on executive pay in Switzerland.
Novartis AG scrapped a plan to pay outgoing Chairman Daniel Vasella as much as $78 million to keep him from working for rivals after details of the payout emerged days before a Swiss referendum on executive compensation.
Novartis AG shareholders, disappointed with the company’s track record on acquisitions, are urging the new chairman to tear up some of the deals Daniel Vasella engineered in almost two decades building Europe’s largest drugmaker.
Novartis AG is negotiating a consulting agreement with outgoing Chairman Daniel Vasella, the company’s top lawyer said three days after the drugmaker scrapped an accord to pay Vasella as much as $78 million for not competing with Novartis after he steps down today.