Friday, January 23, 2015

The golden parachute

European pharmaceuticals group Sanofi on Thursday said it had agreed to pay 4.44 million euros ($5.06 million) in total to ousted chief executive Chris Viehbacher.
Viehbacher, who left in October, will receive a payment of 2.96 million euros, which corresponds to his fixed and variable compensation for the year, Sanofi said in a statement.
On top of that, he will pocket 246,750 euros each month for half a year until June 30, or a total of 1.48 million euros, for not working for a competitor.
Viehbacher also undertook not to hire away previous employees of the company for 18 months and signed a confidentiality agreement for 24 months, Sanofi said.

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