Richard Daniell
About Richard Daniell
Executive Vice President, European Commercial at Teva since 2017; age 58; B.Sc. in Chemistry from the University of Auckland, New Zealand . Under his remit, Europe delivered 2024 revenue growth of 5% in USD (4% LC) and profit up 7% YoY, with AJOVY revenue up 34% in Europe and generics revenue up 7% (USD) . Company-wide context: 2024 revenues were $16,544 million with non-GAAP operating income of $4,329 million, and Teva reported strong TSR during the CEO’s first 24 months (1-year 111%, 3-year 175%, 5-year 125%) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Teva | Executive Vice President, European Commercial | 2017–present | 2024 Europe revenues +5% (USD), profit +7%; AJOVY Europe +34%; generics revenue +7% (USD) |
| Teva | President & CEO, Teva Europe Generics | 2016–2017 | Led European generics business |
| Teva | Chief Integration Officer (Actavis Generics) | 2015–2016 | Led integration of Actavis Generics into Teva |
| Teva | Chief Operating Officer, International Markets | 2015–2016 | Operational leadership across international markets |
| Teva | Cluster General Manager, UK & Ireland | 2011–2015 | Country P&L leadership |
External Roles
No external directorships or public-company boards for Richard Daniell are disclosed in the 2025 proxy executive officer biographies .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annualized Base Salary ($) | $772,754 | $844,806 (paid in GBP; 4% increase and FX effects) |
Perquisites and other benefits (2024):
| Item | Amount ($) | Notes |
|---|---|---|
| Defined contribution/pension/severance contributions | $73,832 | Country benefits (Israel/UK schemes) |
| Automobile/car allowance | $14,041 | Standard market practice |
| Housing & relocation | $65,435 | Commuter/housing per agreement |
| Other | $8,353 | Miscellaneous employee benefits |
| Total “All Other Compensation” | $161,661 |
Performance Compensation
2024 Annual Cash Incentive design and outcomes:
| Metric | Weighting | Target | Actual | Achievement | Notes |
|---|---|---|---|---|---|
| Net Revenues | 25% | $16.0B | $16.8B (FX plan rates) | 105% | |
| Non-GAAP EPS | 25% | $2.38 | $2.49 | 105% | |
| Free Cash Flow | 25% | $1.9B | $2.1B | 109% | |
| Individual (Daniell) | 25% | Company-set | Achieved | 110% | |
| Overall payout factor (Daniell) | — | — | — | 136% | Paid early 2025 |
2024 Long-Term Incentive (granted 2024-03-04):
| Award Type | Grant Date | Units | Grant-date Fair Value ($) | Vesting | Performance metrics |
|---|---|---|---|---|---|
| PSUs | 2024-03-04 | 163,690 target; threshold 40,923; max 409,225 | $2,199,994 | 100% cliff in 2027 subject to performance | 60% 2024–2026 cumulative Free Cash Flow; 40% Net Revenue Growth (annual & 3-yr), with absolute stock price modifier (caps at target if price declines; can increase up to 150% subject to cap) |
| RSUs | 2024-03-04 | 81,845 | $1,099,997 | 25% annually in 2025, 2026, 2027, 2028 | Time-based |
2024 Total Direct Compensation (NEO summary):
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2023 | 772,754 | 3,499,986 | 743,372 | 148,051 | 5,164,163 |
| 2024 | 836,753 | 3,299,990 | 1,134,888 | 161,661 | 5,433,292 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 250,930 shares; less than 1% of outstanding (1,146,959,855 shares at 4/1/2025) |
| Stock ownership guidelines | Executives must hold 3× base salary; measured on year-end ADS price |
| Guideline compliance | All NEOs are in compliance or within the attainment window |
| Hedging/pledging | Hedging and pledging of Teva securities prohibited; no dividends on unearned awards |
Outstanding equity as of 12/31/2024:
| Instrument | Details | Market/Book Values |
|---|---|---|
| Options (exercisable) | 15,001 (strike $60.21, exp. 3/12/2025); 27,504 ($53.50, 3/17/2026); 14,571 ($50.21, 9/9/2026); 45,003 ($34.70, 3/3/2027); 15,011 ($16.99, 9/18/2027); 100,457 ($18.61, 2/9/2028) – all vested | Not disclosed |
| RSUs (unvested) | 22,576 (3/5/2021); 67,024 (3/4/2022); 186,753 (3/3/2023); 81,845 (3/4/2024) with published market values | $497,575; $1,477,209; $4,116,036; $1,803,864 respectively |
| PSUs (earned 2022–2024) | 183,169 paid out at 123% of target | $4,037,045 |
| PSUs (unearned open cycles) | 110,668 (3/3/2023); 40,923 (3/4/2024) – subject to future performance | $2,439,123; $901,943 |
Employment Terms
| Topic | Disclosure |
|---|---|
| Employment agreement | Executive employment agreement dated 09/25/2018; EVP European Commercial until death, incapacity, termination or resignation |
| Non-compete / non-solicit | 12 months post-termination; plus nondisclosure and nondisparagement covenants |
| Commuter/housing | Commuter benefits per policy; housing allowance up to €3,100/month |
| Notice period | 6 months; company may waive service with salary/benefits paid |
| Severance (without cause) | Lump-sum cash severance capped at 12× monthly base salary (plus statutory entitlements); separate non-compete consideration equal to 12× monthly base salary, paid in installments subject to compliance |
| Change-in-control (CIC) | Additional lump-sum cash of $1.5 million upon termination without cause within one year following certain mergers |
| Retirement eligibility | Meets criteria for qualifying retirement under plan; if terminated without cause, continued vesting of unvested awards per plan terms (subject to retirement policy) |
| Potential payments (as of 12/31/2024) – no CIC | Severance $835,682; non-compete $835,682; accrued vacation $16,071; health continuation $1,094; post-termination equity vesting $17,978,579; total $19,667,108 |
| Potential payments – with CIC | Additional CIC cash $1,500,000; total $21,167,108 |
Clawback & trading policy:
- Robust clawback policy covering SEC/NYSE restatement triggers and misconduct; recovery of gross amounts and ability to offset/cancel awards .
- Insider trading pre-clearance and blackout schedules; short sales, hedging, pledging prohibited for executives/directors .
Investment Implications
- Pay-for-performance alignment: 2024 annual incentive tied to Net Revenues, Non-GAAP EPS, and Free Cash Flow delivered a 136% payout for Daniell, reflecting broad-based overachievement and strong Europe execution (revenues +5%, profit +7%) .
- Retention and overhang: RSUs vest annually through 2028 and PSUs cliff-vest in 2027, implying steady equity vesting cadence; retirement eligibility terms allow continued vesting, lowering forfeiture risk but increasing supply potential at vesting dates .
- Change-in-control economics: $1.5 million CIC cash plus accelerated equity on a double trigger (company-wide policy), indicating moderate CIC leverage with clear alignment guardrails .
- Governance safeguards: 3× salary ownership guideline (in compliance), comprehensive clawback, and hedging/pledging prohibitions reduce misalignment and hedge/pledge risk flags .
Overall, Daniell’s incentives are tightly linked to growth and cash generation, with regional performance tailwinds and standard European executive employment protections; watch RSU/PSU vesting schedules (liquidity events) and ongoing Europe margin execution for near-term trading signals .