Teva CEO Kare Schultz’s pay fell in 2021

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Kare Schultz saw his pay fall to $14.7 million in 2021 from $15.7 million in 2020, the company reported in its expanded 2021 financial statement. $10 million of the pay was in capital remuneration as well as a basic salary of $2 million and a further $2.7 million in payments for performance, relocation to Israel, car etc.

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Schultz became Teva CEO in December 2017 and his contract ends in November 2023. Since he began managing Teva he has received $91.5 million from the company. Over that period, despite the success of his streamlining program, and the fall in the company’s debt, Teva’s share price has fallen by nearly 50%. The fall in the share price is mainly due to legal proceedings against Teva on various fronts and the company’s lack of growth.

Three other senior Teva executives – EVP North America Dr. Sven Dethlefs, EVP Global Operations Eric Drape, and EVP International Markets Commercial Mark Sabag, each received $3.8 million last year and CFO Eli Kalif received $3.5 million.

Since 2014 the US Security and Exchange Commission (SEC) has required all companies traded on Wall Street to report the remuneration paid to their top executives. The remuneration received by Teva’s senior executives is relatively high for an Israeli company but not the highest.

Israeli ad-tech company Tremor International (Nasdaq: TRMR; AIM: TRMR) which held its Wall Street IPO last year paid its CEO Ofer Druker $18.6 million last year of which $16.4 million was in capital remuneration. The company said that these stock options included shares paid in previous years that matured last year. Two other Tremor senior executives COO Yaniv Carmi and CFO Sagi Niri received $9 million and $7.1 million respectively.

Another Israeli company which has been generous to its senior executives is e-commerce fraud protection company Riskified (NYSE: RSKD). The company held its IPO last July and since then has lost 70% of its value and has a market cap of $960 million. CEO Ido Gal earned $15.7 million last year, almost all in shares while CTO Assaf Feldman received $5 million, of which $4.7 million was in shares.

Cybersecurity company CyberArk (Nasdaq: CYBR) founder and CEO Udi Mokady received $12.4 million last year, of which $11 million was in capital remuneration.

Published by Globes, Israel business news – en.globes.co.il – on March 16, 2022.

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