Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) wants to give CEO Erez Vigodman a salary increase. In its report today to the Tel Aviv Stock Exchange (TASE), Teva announced that it was convening a shareholders' meeting to approve a number of measures, including a pay rise for Vigodman.
Teva is also seeking to extend the terms of directors Yitzhak Peterburg, Dr. Arie Belldegrun, and Amir Elstein until 2019. Teva is also revising its remuneration programs for executives and employees, in addition to authorizing a package of bonuses and options in accordance with the business targets set for the current year.
The shareholders' meeting has been summoned for next month. Teva is proposing to raise Vigodman's base pay by almost 10% to $125,000 a month, and his capital bonus (consisting mainly of options) to $4.5 million a year, compared with $3.5 million at present.
The cost of Vigodman's salary in 2015 was $5.7 million, including $1.4 million in base pay, $723,000 in benefits, and $2.3 million in bonuses. He also has a package of options.
Teva is also trying to raise the salaries of other executives in the company, with the capital bonus ceiling rising from $2 million to $3.5 million and the bonus ceiling to 50% of the CEO's base salary, compared with 25% at present.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2016
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