Teva's board of directors take 50 percent pay cut amid financial woes

After announcing plans to lay off 14,000 employees to shore up finances, Teva Pharmaceutical Industries is taking another step to bolster its financial profile. Its board of directors decided Wednesday to take a 50 percent pay cut until further notice, reports Calcalist.

Board Chairman Sol Barer, PhD, also waived his right to cash compensation altogether as the debt-ridden pharmaceutical giant looks to lessen  its $35 billion debt burden.

In late November, Teva outlined a reorganization plan aiming to address the drugmaker's plummeting revenues and financial commitments. The pay cut is reportedly part of this restructuring plan.

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