April 27 (Reuters) - Drugmaker Valeant Pharmaceuticals (NYSE:VRX)
International Inc's VRX.TO new chief executive, Joseph Papa,
will receive a base salary of $1.5 million, the company said in
a filing on Wednesday.
Valeant said on Monday former Perrigo Co (NYSE:PRGO) Plc PRGO.N head
Papa would replace Michael Pearson (LON:PSON) as its CEO.
Papa will also receive a cash payment of $8 million to make
up for the equity-based compensation he forfeited in connection
with the termination of his employment with Perrigo.
Valeant said in March Pearson was leaving the company, just
three weeks after returning from a two-month medical leave.
Pearson's base salary for full-year 2014 was $2 million and
his total compensation amounted to $10.3 million, according to a
regulatory filing. (http://1.usa.gov/1aapxiM)