Valeant Pharmaceuticals International Inc. is canceling a stock award it gave CEO Joseph Papa when he joined the company in 2016.
The award would have given the executive, who did not receive any equity grants in 2017, a minimum of 933,416 shares. CFO Paul Herendeen also did not receive any equity grants in 2017.
Valeant said it had taken into account the feedback of its shareholders while taking this decision.
According to the company, the board has decided that Papa and Herendeen will be eligible in 2018 to receive the same balanced portfolio of grants under the long-term incentive program on an annual basis as is awarded to other senior executives.
Papa will get a $10 million long-term award in 2018, while Herendeen will get a similar award valued at $3.5 million.
