The difficult search for the next Teva CEO

The search for a new CEO at Teva is proving more and more difficult, especially as the Israel-based pharmaceutical group posted dismal Q2 2017 financial results last week, causing a 18% capitalization loss. These hard times could force shareholders to grant the new CEO a salary over the average pay in the pharma industry, that is $12.9m. The next chief executive will have the task of addressing difficult issues – he will be supposed to settle the debt Teva slipped into after acquiring Allergan’s OTC business for $40bn, compensate for the $4bn blockbuster Copaxone losing patent protection and to develop a turnaround strategy to earn back the 35% of capitalization lost in the last 18 months. Teva’s shareholders would apparently accept a non-Israeli CEO, or even one living outside Israel. Importantly, the current AstraZeneca CEO Pascal Soriot was rumored some days ago to be about to move to Teva with a significant salary rise over the $17.5m he earns now. (Source: WSJ)