Former Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Kåre Schultz earned $107 million during his term as head of the Israeli company between December 2017 and the end of 2022. During 2022 his remuneration amounted to $15.5 million.
Executive remuneration figures for 2022 were published yesterday in the invitation to Teva's annual shareholders meeting on June 15. Schultz, who stepped down at the end of 2022 and was replaced by Richard Francis, received similar remuneration last year as in recent years: a basic annual salary of $2 million, capital remuneration of $10 million, other remuneration of $2.8 million and $705,000 in other payments for housing, relocation, car etc.).
Even though he is no longer CEO, Schultz will receive $16 million during 2023 - $2 million compensation for ending his employment, $10 million capital remuneration and $4 million as part of his commitment not to compete with Teva.
In addition to Schultz, four other senior executives each received pay of about $3.9-4 million in 2022 - CFO Eli Kalif, EVP North America commercial Dr. Sven Dethlefs, EVP International Markets commercial Mark Sabag and EVP Global Operations Eric Drapé. Chairman Dr. Sol Barer received $540,000 (including $285,000 in capital remuneration) and the rest of the board of directors received $310-360,000).
Barer and Janet Vergis will seek re-election to the board at the shareholders meeting in June. Chemi Peres, who has served on the board since 2017 and Jean-Michel Halfon who has served since 2014, will be stepping down while Microsoft CVP and Microsoft Israel R&D Center general manager Michal Braverman-Blumenstyk will join the board, subject to the approval of the shareholders.
Published by Globes, Israel business news - en.globes.co.il - on April 20, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.