President and CEO nature , Carr Schultz, Received in 2021 benefits at a total cost of $ 14.7 million, down from $ 15.7 million in 2020. The pharmaceutical company has issued the summons to the annual meeting of shareholders containing data on executive pay.
Schultz’s remuneration in 2021 consisted of an annual base salary of $ 2 million, similar to previous years, a capital remuneration of $ 10 million, and other remuneration totaling $ 2.7 million, including remuneration for performance and payments related to its relocation costs to Israel, vehicles and more. Schultz has been Teva’s CEO since the end of 2017 and his contract is expected to expire in November 2023.
Three other senior executives at Teva, Dr. Sven Detlefs – Senior Vice President, Commercial Division of North America, Eric Drapa – Senior Vice President of Global Operations, and Mark Sabag – CEO of the Commercial Division at International Markets, each received total rewards of $ 3.8 million. Chief Financial Officer Eli Calif received $ 3.5 million in rewards.
Is Teva in a position to return to growth?
As stated, the data were published in the summons to the annual meeting. The meeting will be held on June 23 and among the issues that will be put to the vote will be the appointment of incumbent directors for another term, the approval of the remuneration policy and a certain change in the bylaws. The change concerns the obligation of the board to meet physically a certain number of times each year and will also allow the chairman to determine whether most of the meetings will take place in Israel. In addition, according to the company, in order to attract quality and experienced executives, while maintaining the management center in Israel, it is necessary that the regulations be less restrictive regarding physical and territorial requirements (the company’s CEO will continue to manage it from Israel according to the regulations).
In a letter to investors attached to the summons, board chairman Dr. Sol Barr wrote that Teva is in a position of returning to growth. He said that since the third quarter of 2017, the company’s debt has been reduced by more than $ 13 billion to a net debt of $ 20.9 billion. “We believe that drowning in a more stable financial position will allow for a return to growth and increase value for shareholders,” Barrer wrote, noting some of the growth engines. He also added that the board is working to bring the opioid affair to an end.
Another issue the chairman addressed is a succession planning program: “While we are confident that Carr and the management team will continue to lead Teva to success, the board recognizes its responsibility to ensure that Teva thrives in the years to come. “Therefore, we are intensively involved in the issue, at the level of the board and management, and this will continue to be our focus in 2022.”
nature It is traded on the New York and Tel Aviv stock exchanges at a value of $ 8.7 billion. Its stock has lost almost half a campaign since Schultz took over as CEO despite the success of the efficiency and savings plan he presented and the debt reduction, mainly due to the legal proceedings to which the company is exposed and the lack of growth so far.