Following the imminent departure of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) EVP global brand and communications Iris Beck-Codner, the company will merge her department into Global Human Resources under EVP Mark Sabag.
A letter sent by Teva CEO Kare Schultz yesterday to employees, which has been seen by "Globes" said, "Iris Beck-Codner, Executive Vice President, Global Brand & Communications, will leave Teva after nearly seven years on the executive management team, to explore new directions. Corporate Brand & Communications will continue as a distinct function under the leadership of Mark Sabag, Executive Vice President, Global Human Resources, whose responsibilities will be expanded. He will work closely with Iris in coming weeks to ensure a smooth transition."
This organizational restructuring means that Iris Beck-Codner will be replaced but by somebody with greatly reduced authority. Beck-Codner was one of the very few senior Israeli executives left at the company only two others remain - Sabag and SVP Chief Internal Auditor Nir Baron. The announcement of Beck-Codner's departure comes less than two months after CFO Mike McClellan said that he is stepping down for personal reasons.
Teva's share price rose 6.1% on the NYSE yesterday to $7.44, giving a market cap of $8.3 billion, possibly on the belief that in the wake of other companies Teva will sign an out of court settlement in Ohio regarding opioid painkiller addiction claims.
Published by Globes, Israel business news - en.globes.co.il - on September 10, 2019
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