Economy

Teva Spikes on New CEO

Teva Spikes on New CEO”

Schultz, 56, will be moving to Petah Tikva to assume the company's management, Teva stated.

Teva shares have lost more than 50% since the beginning of the year.

"As a result of his leadership, the company is on track to achieve all-time high revenue and earnings", Teva said in its statement, also noting that he has over 30 years' experience in the health care industry, notably in generic drugs, which is Teva's main earner. He has also worked as chief operating officer of Novo Nordisk A/S, the world's biggest producer of insulin.

"This is a critical time in Teva's history".

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. Interim CEO Yitzhak Peterburg, meanwhile, will step down when Schultz arrives. Vigodman departed after Teva shares plunged to a 12-year low amid legal challenges to the company's best-selling patented drug and price pressures on its generics.

AstraZeneca's Pascal Soriot had been strongly linked with the vacant Teva job, along with a $20 million signing-up bonus, but made a decision to stay on and try to revive the fortunes of the Anglo-Swedish drugs firm.

Teva has finally appointed a new CEO, with Lundbeck's Kare Schultz taking over after a seven-month search.

The Israel-listed generic pharmaceutical maker on August 3 cut its full-year guidance and slashed its dividend 75% owing to weaker US markets and the ongoing political turmoil in Venezuela. Peterburg will continue to act as CEO until Schultz fully takes the reins, Teva said.

"With extensive global pharmaceutical experience, a strong track record executing corporate turnaround strategies, driving growth and worldwide expansion at low incremental cost and delivering on promises to shareholders, as well as a commitment to a culture of compliance, Kåre is the right leader to take Teva to the next level", Teva Chairman Sol Barer said in a statement. It didn't give a date for when he will join.



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