Former Valeant Pharmaceuticals CEO gets $9 million golden parachute

Valeant former CEO gets 9 million golden parachute

Despite his company falling apart under his watch, former Valeant Pharmaceuticals CEO Michael Pearson has received a $9 million golden parachute.

The former CEO, who ended his run at the helm of the struggling company last month, is also eligible for more money, including a pro-rated bonus for 2016, according to his May 26 severance agreement.

Pearson, while no longer in control of the company, will continue to serve as a consultant with the firm through the end of 2017. He will be paid $83,333 per month for the remainder of 2016, and $15,000 per month next year, according to the company filing with the Securities and Exchange Commission.

He’ll also have access to travel and meal expenses and use of the company’s offices in Madison, New Jersey.

The company struggled to file an annual report, came under fire for its controversial drug price hikes that it had to retract, and allegations of Enron-like fraud, which fueled a stock price slide of 88% over the last year.

Pearson was forced to leave the company for a short time after suffering from pneumonia. He later admitted that “our business is not operating on all cylinders,” but he was “committed to getting it back on track.”

Pearson didn’t stay in charge for long as Joseph Papa, the former CEO of Perrigo Company, took over the CEO position on May 3.