J. Michael Pearson, former CEO of Valeant Pharmaceuticals, is getting a hefty golden parachute, according to CNN Money.
In March, Laval, Quebec, Canada-based Valeant launched a search for a CEO to replace Mr. Pearson, who remained in his position until May. One month later, Joseph Papa — former CEO of Perrigo — was named his successor.
As part of his golden parachute, Mr. Pearson will receive $83,333 each month through the end of 2016 for working as a consultant to Valeant. He'll also receive $15,000 per month throughout 2017, according to Valeant's SEC filing cited in CNN Money. In addition, Mr. Pearson will get a pro-rated bonus for an unlisted amount, according to his May 26 severance agreement cited in CNN Money.
As for the total amount in the golden parachute? $9 million, according to the report.