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Ex-Novartis AG (NVS) Chief Defends $77 Million Payout



8/26/2013 7:30:00 AM

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The former chairman of pharmaceutical group Novartis on Sunday defended his planned 72 million Swiss francs ($77 million, 58 million euros) golden handshake that caused uproar in Switzerland. Daniel Vasella told the Financial Times that the firm’s board was responsible for the payout, which was eventually radically cut back after a shareholder revolt. “Fundamentally, I don’t believe you should curtail yourself [in a negotiation],” he told the paper. “The board ... has to decide and has the responsibility for whatever comes out.”

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