The drug development company will pay Shlomo Yanai annual remuneration of $170,000.
Former Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) CEO Shlomo Yanai has been appointed as non-executive vice-chairman by Cambrex Corp. (NYSE: CBM). Yanai was replaced by Dr. Jeremy Levin as Teva CEO in May 2012.
Cambrex, which has a market cap of $330 million, develops small molecule products and drug delivery solutions. The company says that Yanai will work closely with its other directors and its leadership team to formulate and help execute Cambrex’s growth strategies. Cambrex announced the appointment on Thursday and saw its share price rise 9.2%.
Cambrex's annual shareholders meeting in 2013 will decide whether to terminate or extend the appointment. Yanai will earn annual remuneration of $170,000 and receive 1,695 (blocked) company shares. He will receive no extra payments for taking part in board meetings.
Cambrex chairman John Miller said, “We are excited to have Mr. Yanai join Cambrex’s board of directors. Shlomo’s exceptional career at Teva positions him well to make significant contributions to the success of our company. His in-depth knowledge of our industry will enhance our ability to build on the progress we’ve made and will provide us with valuable insight as we seek and evaluate growth opportunities.”
Yanai said, “The Cambrex team has been very successful in propelling the worldwide growth of the company and I am looking forward to contributing to the company’s initiatives to continue this success."
Cambrex was founded 30 years ago and is headquartered in New Jersey, with operations in Germany, Sweden, Italy, Estonia and India.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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