Valeant Pharmaceuticals' new CEO Joseph Papa stands to receive over $67 million, but he insists he's not in it for the money.
"This is not about the money," Papa said in an interview with CNBC's Jim Cramer. "To me this is all about if I can play a small role in improving Valeant and [if] that has a beneficial impact on the entire pharmaceutical industry, I think I will have done something that is important."
According to published reports, Valeant will pay Papa $67.4 million in cash, options and restricted stock this year.
Valeant announced on April 25 that Papa would assume the role of chairman and CEO of the embattled company, to succeed Michael Pearson. Papa has more than 35 years in the pharmaceutical industry, including his most recent role as CEO of Perrigo.