March 30, 2017 / 1:47 PM / 5 months ago

Sarissa calls for Innoviva CEO, board pay cut

March 30 (Reuters) - Sarissa Capital Management LP called for a reduction in the compensation of Innoviva Inc's chief executive and the board - the hedge fund's latest salvo in its proxy fight with the drug company.

Sarissa, run by billionaire investor Carl Icahn's former healthcare lieutenant, has nominated three directors to Innoviva's board and has criticized the company's cost structure.

The hedge fund said on Thursday Chief Executive Michael Aguiar's compensation should be reduced to below $500,000 per year. (bit.ly/2okYJoA)

Aguiar's 2015 total compensation was $3.56 million, according to a regulatory filing. (bit.ly/2mStPH3)

Sarissa owns 2.72 percent of Innoviva, according to Thomson Reuters data. (Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty)

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