AstraZeneca Stock Dips After Report Says CEO Pascal Soriot Plans To Move To Teva

(RTTNews) - Shares of AstraZeneca plc. (AZN.L, AZN) were losing around 5 percent in the morning trading in London after a report said its Chief Executive Pascal Soirot is planning to move to Israeli drugs giant Teva (TEVA).

Israeli business newspaper Calcalist said Soirot was expected to take the helm of Teva, the world's largest generic drugmaker. According to the report, Soirot has met with Teva's recruitment committee and its chairman and expressed his agreement to join. Soriot is thought to have been offered a $20 million signing bonus.

Soriot is said to be a quality chief executive who has delivered a 40 percent increase in the company's dollar share price.

In 2014, he led the company through an aggressive 70 billion pounds takeover approach from US rival Pfizer, assuring its investors the company will deliver $45 billion of annual revenues by 2023.

In London, Astra shares were trading at 4,949.50 pence, down 4.67 percent.

In the pre-market activity on the NYSE, shares are down 1.15 percent.