Novartis AG Slashes CEO, Chairman Pay; Vasella Steps Down

Published: Jan 24, 2013

Novartis slashed pay for Chief Executive Joe Jimenez by 16 percent last year and cut the salary of departing chairman Daniel Vasella by 3 percent. The Basel-based drugmaker said Jimenez will take home a total of 13.2 million Swiss francs ($14.20 million), including cash, bonus, pension and other benefits, compared with 15.7 million francs in 2011. Vasella, who exits next month, will earn 13.1 million francs for 2012, from 13.5 million francs the prior year.

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