New Teva CEO Kare Schultz will earn an annual salary of $2 million and a performance-dependent bonus of 140% of the base salary – and up to a maximum of 200%.
The Israeli Teva Pharmaceutical Industries has signed a five-year employment agreement with Schultz, with an automatic extension period of one additional year.
In addition to his annual salary, Schultz will receive Teva shares and options worth $13.5 million and a cash amount of $20 million.
Teva Former CEO Erez Vigodman’s annual salary was $5.3 million in 2016. Vigodman’s salary consisted of a base salary of $1.5 million, compensation of $3 million and benefits of $800,000. The annual report also shows that even though he has decided to retire, Vigodman will receive a salary by November 2017, and will receive $2.3 million under the non-competition clause.
As part of the agreement between the company and the new CEO, Kare Schultz is expected to move to Israel with his family and work from the company’s headquarters in Petah Tikva.
Yitzhak Peterburg will continue to serve as temporary CEO until Schultz’s formal entry into the company.
At this stage, it was not known when Schultz would take office.