Teva Names Kare Schultz as New Chief Executive -- Update
September 11 2017 - 4:03AM
Dow Jones News
By Ian Walker
Teva Pharmaceutical Industries Ltd. on Monday named Kare Schultz
as its new chief executive, ending months of speculation over who
will lead the Israeli drug company.
Mr. Schultz, a health care veteran with about 30 years
experience in the industry, joins from Denmark's H. Lundbeck A/S,
where he was president and CEO. He has also worked a chief
operating officer of Novo Nordisk A/S.
Teva, the world's biggest seller of generic drugs, has been
searching for a new permanent chief executive since February, when
former boss Erez Vigodman departed the company for undisclosed
reasons. Yitzhak Peterburg has stood in as interim CEO since
then.
The appointment of Mr. Schultz, a 56-year-old Dane, comes at a
crucial time for the company.
Like other generic-drug makers, it faces a tough pricing
environment and intensifying competition for copycat medicines that
is squeezing the industry's margins. It is also struggling under
the weight of an acquisition streak.
In August, Teva lost about a quarter of its market value in one
day on mounting concerns about the future of the company as it cut
its full-year outlook and slashed its dividend, blaming the rapid
deterioration of the U.S. generic-drug business.
At H. Lundbeck, Teva said Mr. Schultz was credited with leading
restructuring initiatives and launching a turnaround that has put
the company on track to report record revenue and earnings. He has
also previously worked as a consultant at McKinsey.
Mr. Schultz will relocate to Israel and be based out of Teva's
Petah Tikva headquarters, the drugmaker said. It didn't give a date
for when he will join.
AstraZeneca's CEO Pascal Soriot was previously linked with the
top job at Teva.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 11, 2017 03:48 ET (07:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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