New Valeant Pharmaceuticals CEO got almost $63M US in compensation

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Compensation encompasses $42M US in stock awards, $10M US in stock options

The Canadian Swarm
Posted: Mar 23, 2017 2:08 PM ET
Last Updated: Mar 23, 2017 2:14 PM ET

Valeant Pharmaceuticals imparts its chairman and CEO received $62.7 million US in compensation for eight months of pan out last year, even as the Quebec-based drug giant reported a “sorry” financial performance.

In a proxy report ahead of its May 2 annual meeting, Valeant remarks Joseph Papa’s compensation included $42 million US in stock gives, $10 million US in stock options, an $8-million US signing bonus and a earnings of $980,769 US salary.

The 61-year-old took the company helm in May.

His compensation was itsy-bitsy than half the $141.6 million US that went to his predecessor Michael Pearson in 2015 forward of he left the company early last year.

Pearson received $12 million US in compensation rearmost year, mainly from a $10.5-million US severance and $669,231 US compensation.

Valeant had a rough year in 2016 as it lost nearly 90 per cent of its have value, racked up losses of $2.4 billion US and came under examination over its drug pricing practices.

“While we are disappointed with our monetary results and share price performance, we have accomplished important looks to position the company for a turnaround,” it said in the filing.

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