Novartis slashes CEO, chairman pay ahead of "fat cat" pay vote

ZURICH Wed Jan 23, 2013 4:24am EST

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ZURICH (Reuters) - Novartis slashed pay for Chief Executive Joe Jimenez by 16 percent last year and cut the salary of departing chairman Daniel Vasella by 3 percent.

The Basel-based drugmaker said Jimenez will take home a total of 13.2 million Swiss francs ($14.20 million), including cash, bonus, pension and other benefits, compared with 15.7 million francs in 2011.

Vasella, who exits next month, will earn 13.1 million francs for 2012, from 13.5 million francs the prior year.

Switzerland is set for a key vote on top management pay on March 3. Novartis has long been a lightning rod for criticism of executive pay in Switzerland.

(Reporting By Katharina Bart)

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