Novartis Kills $78M Noncompete Deal With Departing Chairman

Law360, New York (February 19, 2013, 2:24 PM EST) -- Novartis AG on Tuesday scrapped a $78 million noncompete deal with departing chairman Daniel Vasella, marking the latest casualty in a global pushback against lucrative executive compensation packages and potentially impacting an upcoming Swiss ballot measure to rein in salaries.

The drugmaker’s retreat vindicated a shareholder revolt kindled by an agreement that would have paid Vasella 12 million Swiss francs — nearly $13 million — annually for six years in exchange for him refraining from “making his knowledge and know-how available to competitors who may take...
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