Teva CEO's salary cost NIS 14.7m in 2012

The disclosure of Jeremy Levin's salary is part of the settlement of the class-action lawsuit against the company over its reporting of executive compensation.

The salary cost of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) president and CEO Dr. Jeremy Levin was NIS 14.7 million in 2012. His salary was NIS 5.4 million, his annual bonus was NIS 4.3 million, based on the company's profit for the year, and the capital component (the fair value of his stock option grants) was also NIS 4.3 million.

Levin has received 450,000 options exercisable at $46 per share, a price that is currently outside the money. He has also received 100,000 vested shares.

In June, Teva announced that it would resume reporting executive compensation on a personal basis from the financial report for 2013, which will be published early next year. The disclosure is part of the settlement of the class-action lawsuit against the company over its reporting of executive compensation.

In a few days, Teva will publish the summons for its general shareholders meeting. The shareholders will discuss executive pay, as part of Amendment 20 of the Companies Law, which requires shareholders to approve executive compensation. The summons will detail Levin's salary.

Published by Globes [online], Israel business news - www.globes-online.com - on July 17, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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