Novartis drops $78m payout for chairman

Feb 19, 2013, 8:21 AM EST
Daniel Vasella Chairman of Novartis attends the annual meeting of the World Economic Forum (WEF) in Davos January 25, 2013.
REUTERS/Denis Balibouse

Swiss drugs company Novartis is to scrap its controversial non-compete agreement with its departing chairman Daniel Vasella. The decision follows a campaign by shareholders and Swiss politicians against a payment to Vasella for not working with competitors that could have been worth $78 million over six years.