Nobody said it would be easy to rescue Valeant Pharmaceuticals—nor cheap.
Valeant paid its new CEO Joe Papa a fat paycheck worth nearly $63 million in 2016, according to the company’s recently disclosed proxy statement. On the surface, Papa seems to have gotten an extraordinarily generous deal to turn around the beleaguered drug company: Not only is his salary more than twice what it was when he was CEO of Perrigo, a company nearly three times as valuable as Valeant, it’s also especially good considering Valeant’s stock price has fallen nearly 67% since he took over.
March 29, 2017 at 10:57PM
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