Newspaper article The Canadian Press

Former Valeant CEO to Receive Nearly US$1 Million for Continued Advice

Newspaper article The Canadian Press

Former Valeant CEO to Receive Nearly US$1 Million for Continued Advice

Article excerpt

Pearson to maintain ties with Valeant

--

MONTREAL - The former head of the embattled Valeant pharmaceutical company will receive nearly US$1 million this year for continuing to advise the Quebec-based firm.

That's on top of US$9 million in severance that Michael Pearson will receive from a previously disclosed employment contract signed last year.

Valeant (TSX:TRX) revealed Tuesday that its former CEO will get US$83,333 per month in consulting fees through the end of 2016, plus US$15,000 monthly in 2017, for a total of US$846,664.

The consulting contract can be extended monthly and Pearson will be fully paid even if Valeant terminates the contract prior to the second anniversary of his termination on May 2.

Pearson, 56, also retains medical coverage for his family for two years. He suffered from pneumonia and complications that kept him off the job from late December until he returned in late February. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.