Valeant Nixes CEO's $29.8 Million Stock Award in Pay Overhaul
- Joe Papa and CFO Herendeen will both receive smaller grants
- New awards will include stock options and restricted shares
Joseph Papa
Photographer: Chris Goodney/Bloomberg
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Valeant Pharmaceuticals International Inc. plans to kill a $29.8 million stock award it gave Chief Executive Officer Joseph Papa as the company revamps its compensation program for senior managers.
Papa and Chief Financial Officer Paul Herendeen, who both received large upfront equity awards when they were hired in 2016, will instead get smaller annual grants, Valeant said Monday in a regulatory filing, noting that the decision was partly based on shareholder feedback.