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Public Outcry Prompts Novartis To Cancel Vasella Non-Compete Deal

 
• By John Davis

Novartis drops plan to pay outgoing chairman Daniel Vasella $78 million to stop him working for competitors, bowing to growing concerns in Switzerland over executive compensation.

A potent mix of local politics and public pressure has intruded on the smoothness of the executive succession at Swiss multinational Novartis AG, with its outgoing chairman and controversial figure in Switzerland Daniel Vasella cancelling a CHF 72 million ($78 million) non-compete compensation deal following a public outcry.

The proposed deal added fuel to the already inflamed debate in Switzerland on what is or isn’t excessive executive pay....

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