Novartis announces final agreement with Dr. Daniel Vasella
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Novartis International AG /
Novartis announces final agreement with Dr. Daniel Vasella
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Basel, July 17, 2013 - The Novartis Board of Directors today announced a final
agreement with its former Chairman, Dr. Daniel Vasella.
Since the Novartis Annual General Meeting (AGM), Dr. Daniel Vasella has provided
certain transitional services, including select board mandates with subsidiaries
of the company, to support the ad interim Chairman and the new Chairman who will
assume office on August 1, 2013. For his services during this transition period,
extending from the AGM on February 22, 2013, through October 31, 2013, Dr.
Vasella will receive cash of CHF 2.7 million, and 31,724 unrestricted shares as
of October 31, 2013 (the current market value of the shares is approximately CHF
2.2 million).
Dr. Vasella will subsequently be available to the company, at the company's
request and discretion, to provide specific consulting services, such as the
coaching of high potential associates of Novartis and speeches at key Novartis
events. This consulting agreement is effective as of November 1, 2013, through
the end of 2016. Dr. Vasella will be compensated at a rate of USD 25,000 per
consulting day, with an annual guaranteed minimum fee of USD 250,000, for each
of the calendar years 2014, 2015 and 2016.
"We are pleased that we will be able to call on Daniel Vasella's services and to
have the opportunity to benefit from his knowledge and long-term experience in
shaping a global healthcare leader," said Prof Dr. Ulrich Lehner, Novartis
Chairman ad interim.
As announced previously, Dr. Vasella will hold the title as Honorary Chairman in
recognition of his significant achievements on behalf of the company. There are
no rights associated with this role in addition to his fiduciary duty as
Honorary Chairman, and Dr. Vasella will not attend board meetings. No
compensation will be provided in relation to this role other than administrative
support and security which are usual and customary for a position of this
nature.
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 131,000
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
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Samir Shah +41 61 324 7944 North America:
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Thomas Hungerbuehler +41 61 324 8425 Jill Pozarek +1 212 830 2445
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e-mail: investor.relations(at)novartis.com e-mail:
investor.relations(at)novartis.com
Media release (PDF):
http://hugin.info/134323/R/1716895/570758.pdf
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Source: Novartis International AG via Thomson Reuters ONE
[HUG#1716895]
Unternehmensinformation / Kurzprofil:
Datum: 17.07.2013 - 07:16 Uhr
Sprache: Deutsch
News-ID 279051
Anzahl Zeichen: 6433
contact information:
Town:
Basel
Kategorie:
Business News
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