Novartis CEO Vas Narasimhan earned massively more in 2023
Published: Wednesday, Jan 31st 2024, 07:40
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Novartis CEO Vas Narasimhan almost doubled his remuneration last year. He received total remuneration of CHF 16.2 million for 2023, compared to CHF 8.5 million in the previous year. The basic salary increased only minimally to 1.82 million. The variable salary components were significantly higher. The annual performance bonus increased to over 5.0 million from 2.7 million and remuneration from the LTPP long-term program rose to 8.9 million from 3.3 million.
The entire Novartis Executive Committee, including the members who stepped down during the year, received total realized compensation of CHF 63.5 million in 2023. In 2022, the Executive Committee received significantly less at CHF 49.4 million.
Novartis justifies the sharp increase in compensation with the very strong business performance in 2023. Looking ahead, the Group plans to make adjustments to the compensation of the CEO from 2024. Novartis has determined that the current CEO remuneration practice is in the lowest quartile compared to other companies in the healthcare sector, according to the statement.
The remuneration paid to Chairman of the Board of Directors Jörg Reinhardt remained unchanged. As in previous years, it again amounted to CHF 3.8 million. A total of CHF 8.6 million was paid out to all members of the Board of Directors, compared to CHF 8.5 million in the previous year.
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