New Valeant pharmaceuticals CEO were given nearly $63M in reimbursement.

Although the Quebec-based drug gaint stated a “disappointing” economic overall performance, Valeant Pharmaceuticals says its chairman and CEO acquired $62.7 million US in settlement for 8 months of labor remaining 12 months. Valeant says Joseph Papa’s reimbursement covered $42 million US in stock awards, $10 million US in stock alternatives, an $eight-million US signing bonus and an earnings of $980,769 US earnings, in a proxy document beforehand of its May 2 annual meeting. The 61-year-old took the business enterprise helm in May.

His payment was less than 1/2 the $141.6 million US that went to his predecessor Michael Pearson in 2015 earlier than he left the company early last yr. Pearson obtained $12 million US in reimbursement last year, specifically from a $10.5-million US redundancy pay and $669,231 US earnings.

In 2016, Valeant had a difficult 12 months as it misplaced almost 90 per cent of its inventory value, racked up losses of $2.4 billion US and got here below scrutiny over its drug pricing practices.

“While we are disappointed with our financial results and share price performance, we have accomplished important steps to position the company for a turnaround,” it said in the filing.