Sigurdur (Siggi) Olafsson, president and CEO of Teva Pharmaceutical Industries Ltd.'s (NYSE: TEVA; TASE: TEVA) Global Generic Medicines Group, has announced his resignation just two-and-a-half years after being appointed to the post and four months after the completion of the huge deal for the acquisition of Actavis, the generic medicines division of Allergan, a move that he initiated and led. Teva announced yesterday that Olafsson will be replaced by Dipankar Bhattacharjee by the end of the first quarter of 2017.
Teva's share price is currently down 3.63% on the Tel Aviv Stock Exchange.
“I am proud of the incredible progress we have made since I joined Teva to lead the newly formed Global Generic Medicines Group,” said Olafsson, “I firmly believe that Teva is the best positioned generics company in the industry in terms of market presence, manufacturing capabilities and R&D pipeline. I am grateful for the support from the talented team at Teva and am fully committed to ensuring a smooth transition into 2017.”
Teva completed the acquisition of Actavis in August this year for $33 million plus 100 million Teva shares. The main object of the acquisition was to expand and diversify Teva's generics portfolio and to boost its cash flow. Olafsson was a former president at Actavis and was responsible for its generics and OTC business.
Bhattacharjee has been president and CEO of Teva Generics Europe since April 2013. He joined the company in 2009 as General Manager, Teva UK Limited. Before that he served in various senior roles for 15 years at Bausch + Lomb. He began his career at Nestle S.A. and Bank of America.
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2016
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