Novertis Top Lawyer Steps Down After Being Found Guilty

Novertis Top Lawyer Steps Down After Being Found Guilty

A top lawyer of Swiss Pharma major Novartis Wednesday resigned from his post and canceled a deal of $1.2 million with the attorney of US president Donald Trump that he had made earlier. He also described the deal as a big mistake made by him. Novartis management also described the deal as a blunder of them as the law firm of Cohen was a controversial one as it was linked with the case of former pornstar Stormy Daniels and it used to pay her. The deal also affected the process of revival of the brand image of the company. Vas Narsimhan , the present CEO of the company .said in a meeting with investors in Basel that the management was determined to stop corruption in the company and to take strict action against the malpractice of the corrupt employees to improve the behavior of the employees of the organization. In recent times the company was not performing well and it faced several problems. It had to pay hundreds of millions in South Korea, China and the USA. It also had to face an allegation of bribery in Greece. Former CEO of Novertis Joe Jimenez who jointly signed the deal with Felix Ehrat , the tainted lawyer said in a statement that he should have canceled the contract earlier.

The management earlier directed Ehrat to step down within a year or two but later instructed him to step down on June 1, 2018. Ehrat told the media that he took the decision of resigning from his post after taking all the responsibility of the Cohen deal. The present CEO Narsimhan Joined after the exit of Jeminez on Februrary 1, 2018. Shanon Klinger , the Chief Ethics Officer will get the position of Ehrat according to the company management. Noverttis management made it clear in a statemewent that narsimhan had no connection with the Cohen deal. Narsimhan spent much time with investors and shareholders to improve the brand image of the company. He also gave a presentation in front of the investors about the products the company was planning to launch in next few years. He also hinted that the company was thinking to discontinue some outdated products by replacing them with sophisticated products. He also put much emphasis to increase the sales volume of the company and he told the investors that the company had acquired Alexis last month.

by TNBC Staff Reporter on May 18, 2018

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