Teva Names Kare Schultz as CEO After Months of Speculation

Schultz has been president and CEO of H. Lundbeck A/S (HLUYY) since 2015, which he joined as the company was facing the loss of critical patents. Prior to joining Lundbeck, Schultz worked for almost three decades at Novo Nordisk, where he served in a number of leadership roles, including Chief Operating Officer.

In the last three months, TEVA stock lost almost half its value as leadership uncertainties anxious market investors. “Kåre has deep insight into the global pharmaceutical industry and a keen knowledge of the generic and specialty drug markets”.

Yitzhak Peterburg said, “We are delivering on the commitments we have made over the last several months”.

While the generics side of Teva has structural issues to resolve, Schultz will also have to contend with dwindling sales of the firm’s branded drugs business, where blockbuster multiple sclerosis drug Copaxone faces generic competition.

The new chief executive would review the firm’s operations before articulating a new strategy as soon as possible, Mr.

The Israel-based pharma, and world’s biggest generics firm, had been searching for a permanent successor to Erez Vigodman, who stepped down in February after a series of setbacks.

AstraZeneca’s chief executive, Pascal Soriot, was previously rumored to be taking the role. (TEVA) shares were up significantly in premarket trading Monday after the company names a new CEO following a prolonged search.

Since he left the queue for Novo Nordisk’s CEO position to move over to Lundbeck, Schultz has gotten the Danish drugmaker back on track-something Teva, which recently announced a major hit to its dividend and the year’s second big guidance-slashing-desperately needs.

The Israel-listed generic pharmaceutical maker on August 3 cut its full-year guidance and slashed its dividend 75% owing to weaker USA markets and the ongoing political turmoil in Venezuela. He has also worked as a consultant at McKinsey. Schultz, though, will be relocating to Teva’s home country, the company said in a statement. It didn’t give a date for when he will join.

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