Novartis: Vasella “waives” her large severance package

The Novartis group was rocked by the filing of a criminal complaint against Daniel Vasella, outgoing Chairman of the Board of Directors of the Novartis pharmaceutical group. Mr. Heitz accused Novartis, its board of directors, and especially Daniel Vasella of unfair management and forgery. The purpose of this complaint was to suspend and gain time so that Daniel Vasella could not receive his severance pay in full so that shareholders would not be harmed. But a last-minute agreement changed the situation. Daniel Vasella waived the 72 million francs, signed an agreement with Novartis, and was to receive 12 million francs per year in compensation for six years, but this agreement could fall through if Daniel Vasella subsequently works for a Novartis competitor. Mr. Heitz's complaint rocked the Novartis group, but ultimately the case may end sooner than expected. Many people are unhappy with this agreement since Daniel Vasella could escape prosecution.