Valeant Pharmaceuticals says its chairman and CEO received $62.7-million (U.S.) in compensation for eight months of work last year, even as the Quebec-based drug giant reported a “disappointing” financial performance.
In a proxy report ahead of its May 2 annual meeting, Valeant says Joseph Papa’s compensation included $42-million in stock awards, $10-million in stock options, an $8-million signing bonus and a salary of $980,769 salary.
The 61-year-old took the company helm in May.
His compensation was less than half the $141.6-million that went to his predecessor Michael Pearson in 2015 before he left the company early last year.
Pearson received $12-million in compensation last year, mainly from a $10.5-million severance and $669,231 salary.
Valeant had a rough year in 2016 as it lost nearly 90 per cent of its stock value, racked up losses of $2.4-billion and came under scrutiny over its drug pricing practices.
“While we are disappointed with our financial results and share price performance, we have accomplished important steps to position the company for a turnaround,” it said in the filing.Report Typo/Error