Teva Pharmaceuticals Sees Small Rise in Stock After Announcing New CEO

    Author Grace ChangPosted on Categories Drug Manufacturers, HealthTags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
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    Pascal Sorio will be leaving pharmaceutical company AstraZeneca (LON:$AZN) as CEO to assume the CEO position at Teva Pharmaceuticals (NYSE:$TEVA) instead, according to Israeli business website Calcalist.

    Sorio agreed to assume the role of CEO at Teva after meeting and talking to Teva’s search committee as well as the chairman. His annual salary will be double what the current CEO makes, along with a signing bonus of $15 million – $20 million.

    Sorio’s high salary rate from Teva could cause some problems, as shareholders critiqued Sorio back in 2016 for his $17.3 million annual salary when he was serving as CEO at AstraZeneca.

    Sorio will be leaving AstraZeneca after serving about five years as CEO of the company. Teva hopes that the large salary that locked down Sorio as their CEO will be worth it — the Israeli pharmaceutical company has been desperately searching for a way up after its $38 billion acquisition of Actavis last year sent its stock tumbling downwards.

    Following news of a new CEO, Teva’s stock went up by about 4% to reach $32.08.

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    Author Grace Chang
    About the author: Grace is currently studying at UBC to achieve her BA in Computer Science. She is due to graduate in 2020. As a content creator, Grace has written financial analysis, stock market news, and informational investing articles. She also worked as an editor with her university publication 'UBC Undergraduate Journal of Art History'.