Teva appoints Richard Francis as CEO

• Published date: 21 November 2022
• Publication title: Globes (Rishon LeZion, Israel)

Teva today announced the appointment of Richard Francis as president and CEO as of January 1, 2023. The company added that in order to facilitate an orderly transition, Kåre Schultz and the Teva board of directors have mutually agreed that Schultz will retire from December 31, 2022. Schultz joined Teva in November 2017, and his main task has been to streamline the company and cut its debt

Francis, 54, has 25 years of experience as a pharmaceutical executive, including five years as Sandoz CEO and a member of the Novartis executive. Prior to his role at Sandoz, he was a senior executive at Biogen for 13 years. He is currently CEO of Purespring Therapeutics, a pioneering gene therapy company focused on transforming the treatment of kidney diseases, and CEO of Forcefield Therapeutics, a pioneer of best-in-class therapeutics to protect heart function. He is also an operating partner for Syncona Investment Management Limited.

Francis has signed a three-year contract with Teva, with an automatic option to extend it for a further three years. He will receive an annual salary of $1.6 million and bonuses of between 150% and 200% of his salary based on meeting targets. Capital incentives could reach $9 million - 70% in blocked shares on meeting target and 30% in regular blocked shares as well as other incentives. Francis will also receive $5 million in blocked shares, redeemable after one year, as a signing-on fee. Like Schultz, Francis will manage the company from Israel and will receive financial assistance to help in his relocation.

Schultz said, "It has been a great privilege to serve Teva as its CEO since 2017, and to work with our dedicated and talented team to improve the lives of patients. We have positioned Teva as a leader in both our specialty and generics businesses, built a strong financial and operational foundation and enhanced our portfolio and pipeline. This is the right time for a transition, and Richard's proven track record in the industry makes him the right person to serve as Teva's next CEO."

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