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Former Valeant CEO Michael Pearson is suing the drug-maker for three million shares and US$180,000 in consulting fees he says he’s owed.
In an interview, yesterday, on BNN, Paul Gryglewicz, Senior Partner, Global Governance Advisors expressed his views on the issue. Mr. Gryglewicz alluded to the fact that the compensation package for Pearson was high-risk high-reward, and deviated from typical market practices by front-loading multiple years worth of long-term incentive grants into one large grant at the start of the employment contract. This practice appears to have continued with Valent’s current CEO, Joseph Papa.