Valeant revoking CEO Joseph Papa's $29.8M stock award — 4 insights

Valeant Pharmaceuticals is revoking CEO Joseph Papa's $29.8 million stock award, as it revamps its management compensation program, the Financial Post reports.

Here's what you should know.

1. Valeant also revoked CFO Paul Herendeen's award.

2. Both executives received large upfront equity awards when they were hired in 2016. They'll instead get smaller annual grants.

3. The grants will vest if the company increases its stock value to certain figures.

4. Mr. Papa will receive a $10 million long-term incentive package this year. He wasn't awarded any equity in 2017.

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