Sorio met with Teva's search committee and chairman and agreed to take the position, which comes with a salary nearly double Teva's last CEO's, which was $5.7 million, plus a signing bonus of $15 million to $20 million.
Sorio, who was the CEO of AstraZeneca for almost five years, came under shareholder fire in 2016 for his $17.3 million annual salary.
Teva hopes Sorio can end turbulence associated with the Israeli pharmaceutical company's $38 billion Actavis acquisition that sent the stock spiraling last year.
Teva stock traded up almost 4% to $32.08.
What's Hot On TheStreet
Money is just being given away: Warren Buffett donated roughly $3.17 billion of Berkshire Hathaway Inc. (BRK.A - Get Report) (BRK.B - Get Report) stock earlier this week to the Bill and Melinda Gates Foundation and four family charities.
It is the 86-year-old billionaire's largest contribution in his plan to give away his fortune. In 2010, Buffett, Microsoft Corp. (MSFT - Get Report) co-founder Bill Gates and his wife created The Giving Pledge, a project that encourages billionaires to give more than half of their wealth to philanthropy. TheStreet takes a look at some of the wealthiest people who have pledged to give their money to charity when all is said and done.
At the time, Walmart attributed the problem to a reduction in employees as it worked to cut costs. Fast forward to 2017, and the issue appears to be resurfacing, reports TheStreet's Lindsay Rittenhouse.
The purchase of Square would give PayPal increased acceptance with bricks and mortar retailers, Loop Capital analyst Joseph Vafi writes in a new note. All in, the deal would further PayPal's efforts to become a "true, two sided network," according to Vafi.
Vafi estimates PayPal would be able to pay a 30% premium for Square, valuing the company at more than $12 billion using current prices.
Tesla gets some more love: Shark Tank Star Kevin O'Leary said Tesla (TSLA - Get Report) CEO Elon Musk is a modern day Michelangelo. "He is a genius - I can't say enough good things about what he does for all sectors that he gets involved in," O'Leary told TheStreet's Scott Gamm in an interview.
Although to be fair, O'Leary is more fond of Tesla's product than its stock.
"I'm an investor and at the end of the day, I look at each opportunity to put money in harms way - one stock at a time and that's not a stock I own," he said. O'Leary is also the Chairman of O'Shares ETF Investments.
Visit here for the latest business headlines.