ZURICH Feb 19 Novartis said it will
cancel a 72 million Swiss franc ($77.98 million) pay package for
outgoing chairman Daniel Vasella, which had sparked a wave of
fury in Switzerland as a vote on curbs for executive pay looms.
"We continue to believe in the value of a non-compete,
however, we believe the decision to cancel the agreement and all
related compensation addresses the concerns of shareholders and
other stakeholders," Novartis vice chairman Ulrich Lehner said
in a statement on Tuesday.
Vasella would have received the "golden handshake" in
tranches of 12 million francs over six years as a non-compete
agreement. Vasella said in the statement he "understood" that
Swiss people find the compensation too high.
($1 = 0.9233 Swiss francs)
(Reporting By Katharina Bart)