Joseph C. Papa

Joseph C. Papa (born October 1, 1955) is an American businessman and the chairman and chief executive officer (CEO) of Bausch & Lomb, a company formed from the initial public offering (IPO) of the eye health business of Bausch Health Companies Inc.[1]

Joseph C. Papa
Born (1955-10-01) October 1, 1955
Connecticut, US
Alma materUniversity of Connecticut
Northwestern University
TitleChairman and CEO, Bausch & Lomb
TermMay 2022-
Board member ofBausch & Lomb
Children2

Early life

Papa received a bachelor's degree in pharmacy from the University of Connecticut in 1978, and an MBA degree in marketing and finance from Northwestern University's Kellogg Graduate School of Management in 1983.[2]

Career

Papa has been chairman and CEO of Bausch & Lomb since its IPO in May 2022.[3] He was previously chairman and CEO of Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals International, Inc.), having succeeded J. Michael Pearson in those roles in May 2016.[4] Papa resigned as CEO of Bausch Health upon becoming chairman and CEO of Bausch & Lomb in May 2022, but retained his position as chairman of Bausch Health until his resignation on June 23, 2022.[5] Prior to joining Valeant, Papa was the chairman and CEO of Perrigo, an American manufacturer of private label over-the-counter pharmaceuticals, from 2006 to 2016.[6] From December 2004 to October 2006, Papa was chairman and CEO of the pharmaceutical and technologies services of Cardinal Health, an Ohio health care services company. From 2001 to 2004, he was president and chief operating officer of Watson Pharmaceuticals, Inc. He has also worked at Novartis and Pharmacia/Searle, where he launched the medications Celebrex, Diovan, and Lotrel.[7]

In 2014, he was ranked 47th on Harvard Business Review's "Best Performing CEOs in the World".[8]

Total compensation

In March 2017, it was reported that Papa received US$62.7 million in total compensation for his first eight months of work in 2016.[9][10]

In March 2020, Bausch Health reported that Papa's gross income for 2019 rose to $17.1 million from $14.7 million in 2018.[11]

In May 2022, Bausch Health reported that Papa’s gross income increased again to $22.9 million, as compared to the $44,617 median compensation of all other Bausch Health employees, reflecting a pay ratio of 513:1.[12]

Personal life

As of May 2015, Papa had been married for 32 years.[13]

References
  1. Inc, Bausch + Lomb Corporation; Bausch Health Companies. "Bausch + Lomb Corporation Announces Pricing of IPO". www.prnewswire.com (Press release). Retrieved June 24, 2022. {{cite press release}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  2. "#161 Joseph C Papa". Forbes. Archived from the original on June 1, 2012. Retrieved May 10, 2016.
  3. "Bausch + Lomb Up in Debut After Below-Range $630 Million IPO". Bloomberg.com. May 6, 2022. Retrieved June 24, 2022.
  4. Gara, Antoine. "Former Perrigo CEO Joe Papa Will Replace Michael Pearson At Valeant Pharmaceuticals". Forbes. Retrieved June 24, 2022.
  5. Kilgore, Tomi. "Bausch Health's Joe Papa resigns from board, John Paulson named chairperson". MarketWatch. Retrieved June 24, 2022.
  6. "Valeant new ceo pay package - Business Insider". Uk.businessinsider.com. March 31, 2016. Retrieved April 29, 2016.
  7. "Valeant Names Joseph C. Papa To Be Chairman And Chief Executive Officer Of Valeant Pharmaceuticals". ir.valeant.com/. Valeant Pharmaceuticals International, Inc. April 25, 2016. Retrieved May 10, 2016.
  8. Staff, Harvard Business Review (November 1, 2014). "The Best-Performing CEOs in the World". Harvard Business Review. No. November 2014. ISSN 0017-8012. Retrieved February 26, 2020. {{cite news}}: |first= has generic name (help)
  9. "Valeant paid CEO Joe Papa US$63M in compensation for eight months of work — but mostly in company stock | Financial Post". Business.financialpost.com. Retrieved June 19, 2017.
  10. "New Valeant Pharmaceuticals CEO compensated US$63-million in 2016".
  11. "BRIEF-Bausch Health Reports CEO Joseph C. Papa's 2019 Total Compensation Was $17.1 Mln". Reuters. March 17, 2020. Retrieved June 9, 2020.
  12. "DEF 14A". www.sec.gov. Retrieved June 24, 2022.
  13. "Perrigo's Joe Papa says shareholders, Allegan truly different". mlive.com. November 14, 2015. Retrieved October 3, 2018.
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