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Former Novartis AG (NVS) Chairman Vasella Moving to U.S.


3/11/2013 8:30:04 AM

Daniel Vasella, the former chairman of Novartis AG (NVS), is moving to the U.S., the Sonntagsblick newspaper reports Sunday. The paper, which cited an unnamed person familiar with Dr. Vasella's plans, didn't elaborate on what the former pharmaceutical executive would do in the U.S. Sonntagsblick said Dr. Vasella has notified the municipality of Risch, where he lived while working at Novartis, that he would be moving. Peter Hausherr, the mayor of the municipality, told another paper, 20 Minuten, that Dr. Vasella had informed Risch officials he was moving at the end of January. A Novartis spokesman declined to comment on the reports. Calls to the Risch municipal offices went unanswered. The news follows criticism last month of Dr. Vasella regarding a now-scrapped 72-million-Swiss-franc ($76 million) exit package that Novartis was going to pay him after he resigned from the company's board. The deal stirred controversy in Switzerland just ahead of a nationwide referendum that gave shareholders a binding say on corporate pay.

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