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Valeant to pay new CEO Papa base salary of $1.5 million

April 27, 2016 at 07:48 pm EDT

(Reuters) - Drugmaker Valeant Pharmaceuticals International Inc's (>> Valeant Pharmaceuticals Intl Inc) new chief executive, Joseph Papa, will receive a base salary of $1.5 million, the company said in a filing on Wednesday.

Valeant said on Monday former Perrigo Co Plc (>> Perrigo Company PLC) head Papa would replace Michael Pearson as its CEO.

Papa will also receive a cash payment of $8 million to make up for the equity-based compensation he forfeited in connection with the termination of his employment with Perrigo.

Valeant said in March Pearson was leaving the company, just three weeks after returning from a two-month medical leave.

Pearson's base salary for full-year 2014 was $2 million and his total compensation amounted to $10.3 million, according to a regulatory filing. (http://1.usa.gov/1aapxiM)

(Reporting by Subrat Patnaik in Bengaluru; Editing by Sriraj Kalluvila)

Stocks treated in this article : Valeant Pharmaceuticals Intl Inc, Perrigo Company PLC

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	BAUSCH HEALTH COMPANIES INC	32.25 CAD	-0.62%	+7.20%	3.26B
	PERRIGO COMPANY PLC	32.81 USD	+2.72%	+9.15%	4.45B

Joseph Papa

Mr. Joseph C.
Papa is a President, Chief Executive Officer & Director at Emergent BioSolutions, Inc., a Chairman at Beyeonics Surgical Ltd., an Executive Advisor at Water Street Healthcare Partners LLC, an Independent Chairman at SparingVision SAS, an Independent Director at Candel Therapeutics, Inc. and a President at Sergeant's Pet Care Products, Inc. He is on the Board of Directors at Emergent BioSolutions, Inc. and Candel Therapeutics, Inc. Mr. Papa was previously employed as a Chief Executive Officer & Director by Bausch + Lomb Corp., a Lead Independent Director by Prometheus Biosciences, Inc., an Independent Non-Executive Director by Smith & Nephew A/S (Denmark), an Independent Non-Executive Director by Smith & Nephew plc, a President & Chief Executive Officer by Perrigo Co., a Chairman, President & Chief Executive Officer by Perrigo Co. Plc, a Chairman, CEO-Pharmaceutical & Technologies by Cardinal Health, Inc., a President by Watson Pharmaceuticals, Inc., a President & Chief Operating Officer by Watson Pharmaceuticals, Inc., a President & Chief Operating Officer by DuPont Pharmaceuticals Co., a President-North American Global Country Operations by Pharmacia Corp., a President by G.D.
Searle & Co., Inc., a President & Chief Operating Officer by Actavis Pharma, Inc., a Chief Executive Officer by Bausch & Lomb Holdings, Inc., a Chairman & Chief Executive Officer by Bausch & Lomb, Inc., a Principal by Novartis AG, a Vice President-Marketing by Novartis International AG, and a President by Perrigo Florida, Inc. (Florida).
He also served on the board at Bionanosim (BNS) Ltd., Bausch Health Cos., Inc. and The University of Connecticut Foundation, Inc. He received his undergraduate degree from the University of Connecticut and an MBA from Kellogg School of Management.

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Sergeant's Pet Care Products, Inc. Sergeant's Pet Care Products, Inc. Food: Specialty/CandyConsumer Non-Durables Sergeant's Pet Care Products, Inc. manufactures pet supplies. It offers flea and tick remedies, health and well-being products, natural and formulated treats, rawhide chews, toys, accessories, dental and aquatics. The company was founded in 1868 and is headquartered in Omaha, NE.	President
EMERGENT BIOSOLUTIONS INC.	Chief Executive Officer