April 27, 2016 / 10:22 PM / in 2 years

Valeant to pay new CEO Papa base salary of $1.5 mln

April 27 (Reuters) - Drugmaker Valeant Pharmaceuticals International Inc’s new chief executive, Joseph Papa, will receive a base salary of $1.5 million, the company said in a filing on Wednesday.

Valeant said on Monday former Perrigo Co Plc head Papa would replace Michael Pearson as its CEO.

Papa will also receive a cash payment of $8 million to make up for the equity-based compensation he forfeited in connection with the termination of his employment with Perrigo. (bit.ly/1QBqWg7)

Valeant said in March Pearson was leaving the company, just three weeks after returning from a two-month medical leave.

Pearson's base salary for full-year 2014 was $2 million and his total compensation amounted to $10.3 million, according to a regulatory filing. (1.usa.gov/1aapxiM) (Reporting by Subrat Patnaik in Bengaluru; Editing by Sriraj Kalluvila)

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