---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-289487"
form_type: "8-K"
ticker: "TEVA"
cik: "0000818686"
company_name: "TEVA PHARMACEUTICAL INDUSTRIES LTD"
filed_at: "2022-11-21T23:59:59+00:00"
generated_at: "2026-06-21T15:27:31.460200+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-22-289487
- form_type: 8-K
- ticker: TEVA
- cik: 0000818686
- company_name: TEVA PHARMACEUTICAL INDUSTRIES LTD
- filed_at: 2022-11-21T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818686/000119312522289487/0001193125-22-289487-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818686/000119312522289487/d284218d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-289487
- JSON: https://secwatch.observer/filing/0001193125-22-289487.json
- Plain text: https://secwatch.observer/filing/0001193125-22-289487.txt

## Key facts
- Executive change
  Kåre Schultz retired as President and Chief Executive Officer at TEVA PHARMACEUTICAL INDUSTRIES LTD.
  - Action: retired
  - Role: President and Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818686/000119312522289487/0001193125-22-289487-index.htm
- Executive change
  Richard Francis was appointed as President and Chief Executive Officer at TEVA PHARMACEUTICAL INDUSTRIES LTD.
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/818686/000119312522289487/0001193125-22-289487-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.