Novartis chairman and chief executive Daniel Vasella is likely to face the wrath of shareholders at its upcoming AGM amid widespread dissatisfaction over the share's performance as well as the size of his salary, The Swiss SonntagsZeitung reported, without disclosing its sources.
While the share price has more or less stagnated over the past six years, Vasella's annual salary has risen to 44 mln sfr ($ 35.6 million), the Sunday paper said.
More at Forbes
While the share price has more or less stagnated over the past six years, Vasella's annual salary has risen to 44 mln sfr ($ 35.6 million), the Sunday paper said.
More at Forbes
1 comment:
This info if true, is incredible. This kind of "compensation" is new for this company and was brough in by the good doctor and his supporter. Till the merger of Sandoz and Ciba/Geigy in 1996, neither company was compensating the top brass excessively and compared to other pharma companies these two traditionally Swiss companies did not pay thier management including the CEO's at any affiliate and at the Swiss HQ, compansations that would cause anyone to notice and shake thier head. The reason for this was that both comanies provided secure and stable employement for their people while charging their customers reasonable prices. They were never striving for maximum profits and were satisfied with reasonable returns for thier efforts to heal the sick.
Not any more. This now is a completely different company completely macdonalizide and is in complete harmony with thier American counterparts in every way including the way they push thier drugs and compensate their big boys. As someone already commented, everyone in the big pharma takes part in the sharing of the plantyfull "loot" but the top brass are the ones that withold the lion's share of it.
The master plan, that the insiders -xbpgrp- heard at the time of the merger is unfolding the way it should and the good doctor is getting payed more than well for his diagnosis and presribed treatment at the time.
Beats healing the sick!!!!
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