Novartis AG (NVS) Chairman and Chief Executive Daniel Vasella said Tuesday that his new contract with the company allows for the separation of these two roles at any point in time.

Vasella was speaking to shareholders at the company's annual general meeting in Basel, Switzerland.

Ulrich Lehner, vice-chairman and lead director, said that Vasella's contract, which expired at the ongoing AGM, was extended for a year, but also revised.

As well as leaving open the possibility to separate the two top jobs, the new contract no longer foresees a golden parachute, or termination pay, Lehner said.

Vasella has long been under pressure to give up one of the two posts. He's one of the last managers at a top Swiss company to hold both posts. Rival drugmaker Roche Holding AG (ROG.VX) and food giant Nestle AG (NESN.VX), who had a similar setup, separated the two roles in recent years.

Company Web Site: http://www.novartis.com

-By Anita Greil, Dow Jones Newswires; +41 43 443 8044 ; anita.greil@dowjones.com