PARIS: European pharmaceuticals group Sanofi said former chief executive Christopher Viehbacher would receive 2.96 million euros ($3.37 million) as a severance payment following his ouster last autumn.

The group said in a statement on Thursday that the sum corresponded to his fixed and variable compensation for the year.

Viehbacher also undertook not to hire away previous employees of the company for 18 months and signed a confidentiality agreement for 24 months, Sanofi said.

Viehbacher also agreed not to compete until June 30, 2015 in exchange for the payment of 246,750 euros per month.

Copyright Reuters, 2015