Novartis' Daniel Vasella - CEO Pay
Daniel Vasella- Novartis
Total Compensation: $15.5M
2006 Revenue: $38.1B
2007 Revenue: $39.8B
Change: 4.46%
Details: Vasella earned 17 million Swiss francs, or about $15.5M in 2007. That's down from 21 million francs in 2006, or $17.5 million -- a figure that some say places him among the highest-paid executives in Europe.
Novartis News:
Vasella touts Novartis' diversification
CEO: Novartis plans big restructuring
Cash-rich Novartis CEO mulls biotech buyouts
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Comments
By Anonymous | Posted 12:48pm | June 5, 2008
I would like someone to explain, with valid and reasonable information, as to the reason for such a salary... If that individual is let go will the company not be able to function??? What I am trying to say is that there a lot of other individuals that cooperate to make him "shine" that are not get paid anything close to what he's getting ... I am not trying to sound "COMUNIST" but wouldn't our society be better off by having people like this totally gone! I am thinking of all of those researchers that can make it or break it for the company that certainly do not make a fraction of what he gets.
What does a person like that do, with all that money, that benefits humanity or him personally...
Crazy world we live in!
By Anonymous | Posted 11:12pm | July 26, 2008
I will explain why you're talking through your hat. Mr. Vasella, as CEO of Novertis, made the decision to invest a huge sum of company money to increase production of an experimental leukemia drug called STI571.
The increased production was a great gamble, because the drug was not yet proven. But the increased production enabled the drug to be brought to market in only 32 months, instead of the usual 8 years.
That drug is now called Gleevec and is the most dramatic cancer drug ever developed. It is the first drug that controls a deadly form of leukemia with virtually no side effects. It is about 98% effective. It is also an enormous moneymaker for Novartis.
Had Vasella not taken that gamble, the drug would have been long delayed--or might never have been developed at all. Then thousands of people now living would be dead. Because of Vasella chronic myelogenous leukemia is now a treatable chronic disease instead of a killer.
For that alone, he is well worth the money he is paid.
By Kundl | Posted 2:12am | June 6, 2008
Latest news told us that Vasella isn't satisfied with Sandoz's performance. Teva is bigger, it's vertically integrated--and it's been outpacing Sandoz on various key benchmarks.
He pretends being such a smart guy and still does not understand, that someone cannot manage a generic business like Novartis pharma. Constant interference from Basel, a cultur of fear and mistrust led to high fluctuation in key people.
It most likely getting harder to maintain the image of this overpaid sunny boy.
By Former CIBA employee | Posted 11:46pm | June 8, 2008
His trategy of "driving shareholder earnings" has created a revolving door at the CIBA Vision subsidiary- a once proud and innovative company until the Sandoz gang decided they knew more about the marketplace and better direction of the copany than many longterm executive and staff.
Trying to convert a medical device manufacturer into a commodity/consumer driven company has seen the drop in marketshare (even after acquiring a major competitor), market influence, and prestige. Now they wonder why the company is on it's 4th global CEO in 6 years and can't keep management in it's global operations along with it's NA and Japan business units.
Maybe Dr. Dan if you had promoted from within instead of bringing in the people behind New Coke to run the company (and similar hiring moves in the other divisions)Novartis would be in better shape and you caould made a few more Swiss francs!
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