Teva appoints Richard Francis as President and CEO effective Jan 1, 2023; Kåre Schultz to retire Dec 31, 2022

TEVA PHARMACEUTICAL INDUSTRIES LTD

Francis to receive $1.6M base salary, 150% target bonus, and $9M annual equity (70% PSU, 30% RSU).
Sign-on awards: $5M RSU (3-year vesting), $5M PSU (stretch goals), and $5M cash (3 installments).
Schultz to remain CEO through Dec 31, then on garden leave until Feb 19, 2023; treated as termination without cause.
Francis previously CEO of Sandoz (2014-2019) and senior exec at Biogen overseeing Tecfidera launch.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Kåre Schultz

President and Chief Executive Officer

TEVA · TEVA PHARMACEUTICAL INDUSTRIES LTD

Effective: 2022-12-31
Successor: Richard Francis
Filed: November 21, 2022, 6:59 PM ET

In order to facilitate an orderly transition, Kåre Schultz and the Company’s Board of Directors have mutually agreed that Mr. Schultz will retire from his current positions as President and Chief Executive Officer, and a member of the Board of Directors, effective December 31, 2022.

Appointed

Richard Francis

President and Chief Executive Officer

TEVA · TEVA PHARMACEUTICAL INDUSTRIES LTD

Effective: 2023-01-01
Filed: November 21, 2022, 6:59 PM ET

On November 21, 2022, Teva Pharmaceutical Industries Ltd. (the “Company”) announced that its Board of Directors had appointed Richard Francis to become the Company’s President and Chief Executive Officer, effective January 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Kåre Schultz retired as President and Chief Executive Officer at TEVA PHARMACEUTICAL INDUSTRIES LTD.

Action: retired
Role: President and Chief Executive Officer

Exact text from the filing

In order to facilitate an orderly transition, Kåre Schultz and the Company’s Board of Directors have mutually agreed that Mr. Schultz will retire from his current positions as President and Chief Executive Officer, and a member of the Board of Directors, effective December 31, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Francis was appointed as President and Chief Executive Officer at TEVA PHARMACEUTICAL INDUSTRIES LTD.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On November 21, 2022, Teva Pharmaceutical Industries Ltd. (the “Company”) announced that its Board of Directors had appointed Richard Francis to become the Company’s President and Chief Executive Officer, effective January 1, 2023.

View on SEC.gov

TEVA PHARMACEUTICAL INDUSTRIES LTD filing history →

Source: SEC EDGAR

accession 0001193125-22-289487

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