Valeant’s Top Brass To Get Millions In Bonuses
The retention and equity bonuses come at critical juncture for the embattled pharmaceutical company.
Valeant Pharmaceuticals Hands Out Million Dollar Bonuses As Compensation For 'Challenging Times'
Valeant Pharmaceuticals is planning on paying its top brass multi-million dollar bonuses as a reward for sticking with the embattled drugmaker through an accounting scandal, numerous regulatory investigations, and criticism in the Senate and House of Representatives on its strategy of acquiring off-patent drugs and dramatically increasing their prices. Late on Monday, Valeant disclosed that it will pay chief financial officer Robert L. Rosiello, and executives Dr. Ari Kellen and Anne C. Whitaker $1 million retention bonuses, made in three tranches through the course of 2016. These executives will also receive so-called “special equity awards” of $2.8 million, $3.8 million and $1.25 million, respectively, in the form of restricted stock units that vest over 18-months. (Gara, 5/17)
Valeant Shells Out $10.8M In Bonuses To Keep Three Top Execs
It’s a good time to be a Valeant Pharmaceuticals executive, provided you can stand the heat. The company’s top leadership will score millions in retention bonuses under new agreements disclosed in securities filings late Monday. And if they leave the company for good reason--or are fired for no good reason--within a year, they’ll collect twice the severance pay they’d have received before. “We know that these continue to be challenging times for our company,” CEO Joseph Papa wrote to his top managers to set forth the terms of their retention deals. “We are appreciative of your continued dedication and commitment to the organization,” the letter continued. (Staton, 5/17)