Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has announced that Kåre Schultz (56) will take up the post of president and CEO of the company on November 1. The appointment was announced in September. Schultz succeeds interim CEO Dr. Yitzhak Peterburg. Schultz joins Teva, one of Israel's most prominent companies, at a time when its share price is at a sixteen-year low. "Kåre Schultz joining is the start of a new chapter at Teva," said Teva chairman Dr. Sol J. Barer. "Kåre has extensive global pharmaceutical experience and a strong track record in corporate turnarounds, as well as in driving growth and leading international expansion. Under Kåre’s leadership, we can position Teva for long-term success and deliver on our promises to shareholders, employees and patients around the world."
"I am looking forward to getting to work as Teva’s CEO alongside the Teva team,"Schultz said. "I look forward to travelling throughout Teva’s global operations and reviewing the opportunities we have to better serve patients and healthcare systems in each of our markets. My focus will be on strengthening Teva’s business and enhancing our leadership in specialty and generic medicines to deliver sustained shareholder value creation." Dr. Barer thanked Peterburg for taking on the interim leadership role at a particularly challenging time, "enabling a smooth transition while remaining focused on our priorities."
Schultz has been appointed to the Teva board of directors, effective November 1, 2017. Dr. Peterburg will remain on the Teva board of directors and stand for election at the 2019 annual meeting of shareholders.
Schultz has been CEO of H. Lundbeck A/S since 2015. He joined Lundbeck when, like Teva at present with its patent on blockbuster MS treatment Copaxone, the company was losing critical patents, and led a turnaround of the company. Before that he worked for nearly three decades at Novo Nordisk, where he served in a number of leadership roles. At Novo Nordisk, Schultz played a major role in modernizing the company’s large scale biologic production and leading the company’s expansion into the US and Chinese markets.
Schultz serves as the chairman of the board of directors of Royal Unibrew A/S, and as a director of LEGO A/S and of Bitten og Mads Clausens Fond, the holding vehicle for Danfoss A/S.
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2017
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