Chris Fox
About Chris Fox
Chris Fox (Christine Fox) is Executive Vice President, U.S. Commercial at Teva, appointed in November 2023, with 30+ years of healthcare leadership across sales, marketing, and commercial operations; she holds a bachelor’s degree in Business Administration, Marketing from the University of Wisconsin–Whitewater and is age 57 . In 2024, Teva’s annual incentive metrics emphasized pay-for-performance with company financial measures (Net Revenues, Non-GAAP EPS, Free Cash Flow) and individual goals; actual 2024 results exceeded targets (Net Revenues $16.8B at 105% of target; Non-GAAP EPS 105%; Free Cash Flow 109%), aligning executive pay with measurable outcomes . Teva prohibits executive hedging/pledging and maintains robust clawbacks compliant with SEC/NYSE rules and Israeli law, reinforcing alignment and governance rigor .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novartis Gene Therapies | President | Since Dec 2021 (end date not disclosed) | Led gene therapy commercial organization; senior leadership experience across therapy areas |
| Amgen | VP & GM, Bone/Cardiometabolic/Nephrology; GM UK & Ireland | Not disclosed | P&L leadership and market execution across multiple therapeutic areas and geographies |
External Roles
No public company board or external directorships disclosed in executive officer biography sections of Teva’s proxy statements .
Fixed Compensation
| Component | Terms | Source |
|---|---|---|
| Base Salary | Initial annual base salary $800,000 at hire (Nov 20, 2023 effective date) | |
| Target Annual Bonus | 100% of base salary (executive officer cap per Compensation Policy); annual payout determined by Company Financial (75%) and Individual (25%) metrics | |
| Sign-on Cash | $650,000 subject to clawback if resigns within two years of Nov 20, 2023 | |
| Benefits | Participation in medical, disability, dental, life, 401(k), deferred compensation; eligible for domestic relocation support |
Performance Compensation
| Metric | Weighting | Target | Actual | Achievement | Payout Mechanics | Vesting/Notes |
|---|---|---|---|---|---|---|
| Net Revenues | 25% of Company Financial (75% total company) | $16.0B | $16.8B (FX plan rates applied) | 105% | Annual incentive capped at 200% of target (executive officers) | Cash bonus; Individual goals = 25% of plan |
| Non-GAAP EPS | 25% of Company Financial | $2.38 | $2.49 | 105% | Same as above | — |
| Free Cash Flow | 25% of Company Financial | $1.9B | $2.1B | 109% | Same as above | — |
| Individual Performance | 25% | Role-specific goals | Not disclosed | Not disclosed | Incorporated via individual achievement percentage | — |
Long-term equity structure for executive officers: 67% PSUs (three-year performance period with a stock price modifier), 33% RSUs (time-based, four-year vesting), with caps and rigorous targets to strengthen pay-for-performance .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Beneficial Ownership | 58,384 ordinary shares (as of April 1, 2025) – represents less than 1% of outstanding shares | |
| Shares Outstanding (for % calc) | 1,146,959,855 ordinary shares (April 1, 2025) | |
| Ownership Guidelines | Executives must hold shares equal to 3x base salary within five years of appointment | |
| Hedging/Pledging | Hedging and pledging of Company securities prohibited for executives/directors | |
| 10b5-1 Plan | Adopted Aug 11, 2025; expires Mar 6, 2026; up to 101,772 shares; plan includes sales solely to cover tax withholding obligations |
Sign-on equity: RSUs with grant date fair value $2,400,000 (Nov 2023), vesting in four equal installments on first through fourth anniversaries of grant date, subject to continued employment .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Effective Date | Employment Agreement effective Nov 20, 2023 | |
| Notice Period | Generally three months’ notice by either party (except for cause, death, disability); Company may waive service during notice with pay/benefits for waived period | |
| Severance (No Cause / Good Reason) | Cash severance equal to nine times monthly base salary; payment of certain costs associated with continued medical insurance for 18 months | |
| Non-Compete Payment | Lump-sum equal to nine times then-current monthly base salary, conditioned on nine-month non-compete and restrictive covenants | |
| Change-in-Control | If terminated without cause within one year following certain mergers (as a result thereof), additional lump sum cash payment of $1.5 million | |
| Restrictive Covenants | Non-compete 9 months; non-solicitation 12 months; nondisclosure and nondisparagement; assignment of inventions | |
| Release Requirement | Termination payments/benefits in excess of legal minimums require execution of release; breach terminates obligation and requires repayment | |
| Clawback Policy | Robust clawback policies compliant with SEC, NYSE and Israeli law | |
| Equity Treatment (General Plan) | Double-trigger change-in-control vesting applies company-wide (change-in-control plus termination) |
Performance & Track Record
- UZEDY commercial execution: Fox highlighted strong uptake and share penetration in Teva’s targeted segment; strategy to expand utilization via switches from other molecules/orals as physician experience grows . She emphasized differentiated LAI franchise positioning and go-to-market capability spanning UZEDY and olanzapine LAI .
- Olanzapine LAI launch outlook: Expect earlier/larger opportunity in Europe given higher baseline LAI and olanzapine usage; U.S. adoption requires broader behavioral shift toward earlier LAI use; initial uptake anticipated from patients already on oral olanzapine; trajectory depends on access/reimbursement post-launch .
Risk Indicators & Insider Selling Pressure
- 10b5-1 adoption indicates pre-arranged trades primarily to satisfy tax withholding, limiting discretionary selling pressure; maximum shares subject to plan 101,772, expiring March 6, 2026 .
- Hedging and pledging prohibited, reducing misalignment risk; no repricing of options permitted under equity plan; no excise tax gross-ups .
Compensation Structure Analysis
- Mix and at-risk pay: Majority of executive pay is variable, with significant performance-based components (annual cash incentives and PSUs), and multi-metric design to prevent over-emphasis on short-term outcomes .
- Metric rigor and outcomes: 2024 targets set at mid-point of investor outlook; threshold requires ≥85% weighted achievement; actual results >100% across all company metrics, supporting payout alignment with performance .
- Ownership alignment: 3x salary stock ownership guideline and prohibition on hedging/pledging support alignment; beneficial ownership disclosed, with compliance tracking by HR & Compensation Committee .
Investment Implications
- Alignment and retention: Clear, enforceable restrictive covenants, structured severance, double-trigger equity treatment, and robust clawback reduce governance risk and align incentives with execution of the “Pivot to Growth” strategy .
- Commercial execution leverage: Fox’s track record and current commentary suggest disciplined commercialization of LAIs, with near-term growth vectors in UZEDY and expected European-led olanzapine LAI uptake; performance-linked pay and multi-year PSUs should reinforce delivery focus .
- Trading signals: The 10b5-1 plan focused on tax withholding implies limited discretionary selling; hedging/pledging prohibitions remove key red flags, and ownership guidelines provide a medium-term alignment anchor .