01—Abstract
Summary
Summary of the 8-K filed November 12, 2024. Cited figures are marked; the original filing is the authoritative source.
Teva Pharmaceutical Industries Ltd. reported in this Form 8-K, filed November 12, 2024, that its Board of Directors elected Mr. Chen Lichtenstein as a member of the Board, effective December 1, 2024, serving until Teva's 2025 annual meeting of shareholders.
The Board determined that Mr. Lichtenstein qualifies as an independent director under New York Stock Exchange listing rules. The filing is a Item 5.02 notice of a board appointment, so it contains no financial results or guidance. Mr. Lichtenstein's background includes serving as Chief Financial Officer of Syngenta Group Ltd. from 2020 to 2023, where he was responsible for strategy, integration and productivity of the group.
Earlier roles include President and Chief Executive Officer of ADAMA Ltd. from 2014 to 2020, President and Chief Executive Officer of China National Agrochemical Corporation from 2013 to 2014, and various executive roles at Goldman Sachs Group Inc. from 1999 to 2006. He will receive the same compensation as Teva's other non-executive directors, as described in the proxy statement filed April 16, 2024.
The filing states that Mr. Lichtenstein has declared in writing that he has the required skills, expertise and time to serve as a director under the Israeli Companies Law, and that he has no material interest in any related party transaction requiring disclosure under Item 404(a) of Regulation S-K. No arrangements or family relationships with other directors or executive officers are reported.
02—Key points
Key Highlights
- Teva's Board elected Chen Lichtenstein as a director on November 5, 2024, effective December 1, 2024, with a term running until the 2025 annual meeting of shareholders.
- The Board determined Mr. Lichtenstein is an independent director under New York Stock Exchange listing rules.
- Mr. Lichtenstein was CFO of Syngenta Group Ltd. from 2020 to 2023 and previously led ADAMA Ltd. as President and CEO from 2014 to 2020.
- He held executive roles at Goldman Sachs Group Inc. from 1999 to 2006, including Executive Director in Investment Banking.
- He will receive the same compensation as Teva's other non-executive directors, per the April 16, 2024 proxy statement.
- No arrangements or understandings exist under which he was elected, and he has no material related party transaction interest reportable under Item 404(a).
- The filing contains no financial results, guidance or operational updates.
03—Questions
Frequently Asked Questions
Who was appointed to Teva's Board of Directors?
Mr. Chen Lichtenstein was elected by the Board on November 5, 2024, to serve as a member of the Board effective December 1, 2024, until Teva's 2025 annual meeting of shareholders.
Is the new director considered independent?
Yes. The Board determined that Mr. Lichtenstein qualifies as an independent director under the listing rules of the New York Stock Exchange.
What is Mr. Lichtenstein's professional background?
He served as Chief Financial Officer of Syngenta Group Ltd. from 2020 to 2023, as President and CEO of ADAMA Ltd. from 2014 to 2020, and as President and CEO of China National Agrochemical Corporation from 2013 to 2014. Earlier, he held executive roles at Goldman Sachs Group Inc. from 1999 to 2006.
How will Mr. Lichtenstein be compensated?
He will receive the same compensation as Teva's other non-executive directors, which is described in the Company's definitive proxy statement filed April 16, 2024.
Does the appointment involve any related party transactions or conflicts?
The filing states that Mr. Lichtenstein does not have a direct or indirect material interest in any related party transaction required to be disclosed under Item 404(a) of Regulation S-K, and that there are no family relationships with any Teva director or executive officer.
04—Continue