Novartis discloses compensation for new Chairman and Chairman ad-interim
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Novartis International AG /
Novartis discloses compensation for new Chairman and Chairman ad-interim
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* Dr. Joerg Reinhardt to receive total annual compensation of CHF 3.8 million
through combination of cash and stock for serving as Chairman of Novartis.
Dr. Reinhardt also to be compensated over the period 2014-2016 for lost
entitlements from his former employer, in an amount totaling EUR 2.6 million
* Prof. Dr. Ulrich Lehner, as ad-interim Chairman, to receive compensation of
CHF 1.9 million through combination of cash and stock on a full year basis
which will be pro-rated for the Chairman period until July 31, 2013
Basel, April 24, 2013 - Novartis announced today the compensation for the
incoming Chairman of the Board, starting August 1, 2013, as well as the pro-
rated compensation for the current Chairman ad-interim. This new disclosure
ahead of the 2013 Annual Report reflects the commitment to greater transparency
by the Board of Directors and the company.
As Novartis Chairman, effective August 1, 2013, Dr. Joerg Reinhardt will receive
a total annual compensation valued at CHF 3.8 million. The total compensation is
comprised of equal cash and share components as follows:
* Cash compensation: CHF 1.9 million (gross) per year
* Share compensation: annual value equal to CHF 1.9 million of unrestricted
Novartis shares
Dr. Reinhardt will be eligible for pension and insurance benefits according to
the standard Novartis benefit plans. There is no variable or other component to
his regular compensation unless provided for in the applicable rules and
regulations of Novartis.
Dr. Reinhardt will also receive compensation for lost entitlements at his former
employer, with a total value of EUR 2.6 million. Payments will be staggered
based on the vesting period at his former employer and extend over the period
from 2014 until 2016, provided that he remains in office as the Novartis
Chairman at the respective due dates.
Prof. Dr. Ulrich Lehner will receive a pro-rated total annual compensation
comprised of equal cash and share components valued at CHF 1.9 million for his
tenure as Chairman ad-interim, which took effect February 22, 2013, after the
company's Annual General Meeting, and ends on July 31, 2013. The total
compensation for this period will be approximately CHF 790,000 (gross). There is
no variable or other component to Prof. Dr. Lehner's compensation.
Following completion of his tenure as Chairman ad-interim, the compensation of
Prof. Dr. Lehner will revert to the ordinary compensation for a member of the
Novartis Board of Directors as disclosed in the Novartis Annual Report.
Novartis expects to make further disclosures relating to Dr. Daniel Vasella at a
future point ahead of the disclosures required for the 2013 Annual Report.
Disclaimer
This press release contains expressed or implied forward-looking statements,
including statements that can be identified by terminology such as "expects," or
similar expressions. Such forward-looking statements reflect the current views
of the Group regarding future events, and involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from any future results expressed or implied by such statements. These
expectations could be affected by, among other things, risks and factors
referred to in the Risk Factors section of Novartis AG's current Form 20-F on
file with the US Securities and Exchange Commission. Novartis is providing the
information in this press release as of this date and does not undertake any
obligation to update it in the future.
About Novartis
Novartis provides innovative healthcare solutions that address the evolving
needs of patients and societies. Headquartered in Basel, Switzerland, Novartis
offers a diversified portfolio to best meet these needs: innovative medicines,
eye care, cost-saving generic pharmaceuticals, preventive vaccines and
diagnostic tools, over-the-counter and animal health products. Novartis is the
only global company with leading positions in these areas. In 2012, the Group
achieved net sales of USD 56.7 billion, while R&D throughout the Group amounted
to approximately USD 9.3 billion (USD 9.1 billion excluding impairment and
amortization charges). Novartis Group companies employ approximately 128,000
full-time-equivalent associates and operate in more than 140 countries around
the world. For more information, please visit http://www.novartis.com.
Novartis is on Twitter. Sign up to follow (at)Novartis at
http://twitter.com/novartis.
# # #
Novartis Media Relations
Central media line : +41 61 324 2200
Eric Althoff Anja von Treskow
Novartis Global Media Relations Novartis Global Media Relations
+41 61 324 7999 (direct) +41 61 324 8137 (direct)
+41 79 593 4202 (mobile) +41 79 367 4723 (mobile)
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e-mail: media.relations(at)novartis.com
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Novartis Investor Relations
Central phone: +41 61 324 7944
Samir Shah +41 61 324 7944 North America:
Pierre-Michel Bringer +41 61 324 1065 Stephen Rubino +1 862 778 8301
Thomas Hungerbuehler +41 61 324 8425 Jill Pozarek +1 212 830 2445
Isabella Zinck +41 61 324 7188 Edwin Valeriano +1 212 830 2456
e-mail: investor.relations(at)novartis.com e-mail:
investor.relations(at)novartis.com
Media release (PDF):
http://hugin.info/134323/R/1695610/558034.pdf
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Source: Novartis International AG via Thomson Reuters ONE
[HUG#1695610]
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2013 - 07:06 Uhr
Sprache: Deutsch
News-ID 252201
Anzahl Zeichen: 7344
contact information:
Town:
Basel
Kategorie:
Business News
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