class = “sc-cffd1e67-0 iQNQmc”>
Novartis boss Vas Narasimhan has almost doubled his salary in 2023. He received compensation of 16.2 million francs in total, up from 8.5 million francs the previous year, according to the annual report published on Wednesday.
The basic salary increased only slightly to 1.82 million. Variable salary components were significantly higher. Annual performance bonus increased from 2.7 million to 5.0 million, and compensation from the LTPP long-term program also increased from 3.3 million to 8.9 million.
Management also earns significantly more
The entire Novartis management team, including members who resigned during the year, received compensation totaling 63.5 million francs in 2023. In 2022, the management received significantly less money, at 49.4 million francs.
Novartis justifies the sharp increase in wages with very strong business performance in 2023. Going forward, the group plans to make adjustments to the CEO’s remuneration from 2024. Novartis determined that current CEO compensation practices are in the bottom quartile compared to other healthcare companies.
The salary of Chairman of the Board of Directors Jörg Reinhardt remained the same. As in previous years, it was again 3.8 million francs. A total of 8.6 million francs were paid to all board members, compared to 8.5 million francs last year. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
