Valeant CEO Joseph Papa’s 2017 paycheck looked a little bit different from his 2016 version.
After picking up a cool $62.7 million in 2016—most of which was equity that’ll pay off down the line—Papa racked up (PDF) just $4.9 million last year. And the difference wasn’t just equity. In addition to the missing $42 million in stock awards and $10 million in option awards, 2017’s tally also lacked the previous year’s $9.1 million bonus.
And that wasn’t the only change the Canadian drugmaker made to its executive compensation program. In a presentation (PDF), it highlighted other efforts it’s taking to incorporate shareholder feedback, and the company intends to keep responding to investor concerns, it said.
Case in point: Investors have suggested that Papa’s long-term incentive program should match the awards granted to the rest of the executive team, and for 2018, they’ll be “similar” and reflect the same performance share unit metrics.
Meanwhile, Papa did net a new $3 million in incentive pay, as well as a base salary bump to $1.5 million from $980,769. But other compensation—a category that includes 401(k) matching and personal use of the company aircraft—fell by more than $200,000 to $413,858.