Shares of AstraZeneca tumbled in Thursday trading after rumors surfaced that the company’s CEO would be leaving for rival firm Teva.
It was Calcalist, an Israeli financial news website, that broke the store first and reported that Pascar Soriot, AstraZeneca’s CEO, is interested in leading the turnaround of Israel-based Teva.
According to Calcalist, Soriot met with Teva’s search committee and chairman and if he accepts the offer to lead the company, it would mean a $20 million signing bonus as well as a $5.7 million salary. This is nearly double what he receives at AstraZeneca. Calcalist has said that financial terms are still being discussed.
An AstraZeneca spokeswoman told Reuters, “We don’t comment on rumor and speculation.”
Teva has not had a leader since its CEO Erez Vigodman stepped down back in February. Reuters had reported that the company’s chairman Sol Barer has said the top priority of the company was to find a new CEO that has “deep and broad pharmaceutical experience.”
Disclaimer: We have no position in AstraZeneca plc (NYSE: AZN) nor Teva Pharmaceutical Industries Ltd (NYSE: TEVA) and have not been compensated for this article.