Teva Announces CFO Leadership Transition
August 07 2019 - 7:05AM
Business Wire
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
announced that Michael (Mike) McClellan, Executive Vice President
and Chief Financial Officer (“CFO”), has decided to step down from
his role as CFO due to personal reasons requiring him to be located
near his family. Teva has initiated a search to identify its next
CFO. Mr. McClellan is expected to remain in his role through the
announcement of third quarter results to assist with a smooth
transition.
Kåre Schultz, President and Chief Executive Officer, stated, "On
behalf of the Board of Directors and our leadership team, I would
like to thank Mike for his dedication and contributions as CFO in
such challenging times. During his term, Mike played an
instrumental role in executing on the company-wide two year
restructuring efforts to significantly reduce our cost base and
improve business performance."
Mr. McClellan stated, "I deeply value the opportunity I’ve had
to serve as Teva CFO and to lead the Company’s finance organization
and I am confident that Teva has the financial strength and
capabilities to ensure its growth and success."
Mr. McClellan was appointed Teva's CFO in November 2017 after
serving as Senior Vice President and Interim Group Chief Financial
Officer from July 2017. From 2015 to November 2017, Mr. McClellan
served as Senior Vice President and CFO, Global Specialty
Medicines.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has
been developing and producing medicines to improve people’s lives
for more than a century. We are a global leader in generic and
specialty medicines with a portfolio consisting of over 3,500
products in nearly every therapeutic area. Around 200 million
people around the world take a Teva medicine every day, and are
served by one of the largest and most complex supply chains in the
pharmaceutical industry. Along with our established presence in
generics, we have significant innovative research and operations
supporting our growing portfolio of specialty and biopharmaceutical
products. Learn more at www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to our ability to successfully
execute a smooth CFO transition and recruit a qualified CFO in a
timely manner; our ability to successfully compete in the
marketplace; our substantial indebtedness, which may limit our
ability to incur additional indebtedness, engage in additional
transactions or make new investments; compliance, regulatory and
litigation matters; other financial and economic risks; and other
factors discussed in our Quarterly Reports on Form 10-Q for the
first and second quarter of 2019 and in our Annual Report on Form
10-K for the year ended December 31, 2018, including in the
sections captioned "Risk Factors” and “Forward Looking Statements.”
Forward-looking statements speak only as of the date on which they
are made, and we assume no obligation to update or revise any
forward-looking statements or other information contained herein,
whether as a result of new information, future events or otherwise.
You are cautioned not to put undue reliance on these
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190807005299/en/
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