Kåre Schultz to Retire After a Transformative
Five-Year Tenure Setting the Stage for an Exciting Future
Teva Pharmaceutical Industries Ltd. (“Teva” or the “Company”)
(NYSE and TASE: TEVA), today announced that the Company’s Board of
Directors has appointed Richard Francis as President and Chief
Executive Officer, effective January 1, 2023. In order to
facilitate an orderly transition, Kåre Schultz and the Teva Board
of Directors have mutually agreed that Mr. Schultz will retire from
his current position as Chief Executive Officer, effective December
31, 2022.
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Mr. Francis is a seasoned pharmaceutical executive bringing more
than two and a half decades of experience to Teva, including five
years as Chief Executive Officer of Sandoz and a member of the
Novartis Executive Team. Prior to his role at Sandoz, Mr. Francis
was a senior executive at Biogen for 13 years where he held a
number of senior roles, including leading the U.S. business. He
also oversaw the successful launch of Tecfidera® in 2013. Mr.
Francis is currently the CEO of Purespring Therapeutics, a
pioneering gene therapy company focused on transforming the
treatment of kidney diseases, and CEO of Forcefield Therapeutics, a
pioneer of best-in-class therapeutics to protect heart function. He
is also an operating partner for Syncona Investment Management
Limited.
“It has been a great privilege to serve Teva as its CEO since
2017, and to work with our dedicated and talented team to improve
the lives of patients,” said Mr. Schultz. “We have positioned Teva
as a leader in both our specialty and generics businesses, built a
strong financial and operational foundation and enhanced our
portfolio and pipeline. This is the right time for a transition,
and Richard’s proven track record in the industry makes him the
right person to serve as Teva’s next CEO.”
“On behalf of the entire Board, I would like to thank Kåre for
his dedication and contributions to Teva over the last five years,”
said Dr. Sol J. Barer, Chairman of Teva’s Board of Directors.
“Under Kåre’s leadership, we have stabilized the business and
undergone a significant operational transformation across our
international footprint. The Company is now well positioned for an
exciting future and, by leveraging Richard’s compelling track
record of growing businesses in the life sciences, biologics and
generic drug sectors, his entrepreneurial and pragmatic leadership
style and emphasis on a collaborative and innovative culture, the
Board and I are confident that Teva will build on this solid
foundation. As a global enterprise, we look forward to furthering
our mission to provide much needed medicines to even more patients
around the world under Richard’s leadership. The Board is delighted
to have found the ideal leader for the next phase in Teva’s
exciting journey to return to growth and leadership.”
“I have long been impressed with the value Teva provides to
patients globally and I am honored to take on the role of leading
this extraordinary company into the future,” said Mr. Francis. “I
look forward to leveraging my background and years of
pharmaceutical experience to build on Teva’s strong fundamentals
and to write the next exciting chapter for Teva, focusing on
building a solid pathway to deliver long-term growth. I continue to
see a bright future ahead for the Company and look forward to
working closely with the Board, management team and talented
employees to continue driving value creation for patients,
employees, shareholders and other stakeholders.”
About Richard Francis
Richard Francis is an operating Partner at Syncona, which
focuses on founding, building and funding healthcare companies. Mr.
Francis is the Chief Executive Officer of Syncona’s portfolio
companies, Purespring Therapeutics, one of the first AAV gene
therapy companies focused on the kidney globally, and Forcefield
Therapeutics, a pioneer of best-in-class therapeutics to retain
heart function via protection of cardiomyocytes.
Prior to his current roles, Mr. Francis spent five years as the
Chief Executive Officer of Sandoz and a member of the Novartis
Executive Team. During Mr. Francis’ time at Sandoz, he developed a
transformative strategy to reshape the business by focusing the
organization on key geographies, reshaping the portfolio and
targeting efficiencies to drive growth and margin improvement. Mr.
Francis held various leadership roles over a 13-year tenure at
Biogen, including Senior Vice President of U.S. Commercial, Vice
President / Senior Vice President of Global Commercial Strategy,
Managing Director of Canada and Managing Director of the UK and
Ireland. During his time at Biogen, Mr. Francis oversaw the growth
of the U.S. Commercial business, driven by a strategic focus on
commercial excellence. To that end, at Biogen, Mr. Francis led the
successful launch of Tecfidera® in 2013. Earlier in his career, Mr.
Francis worked at Sanofi and Wyeth.
Mr. Francis holds a Bachelor of Arts in Economics from The
Manchester Metropolitan University.
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,
biosimilar 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. You
can identify these forward-looking statements by the use of words
such as “should,” “expect,” “anticipate,” “estimate,” “target,”
“may,” “project,” “guidance,” “intend,” “plan,” “believe” and other
words and terms of similar meaning and expression in connection
with any discussion of future operating or financial performance.
Important factors that could cause or contribute to such
differences include risks relating to our ability to attract, hire
and retain highly skilled personnel; our ability to successfully
compete in the marketplace, including our ability to develop and
commercialize biopharmaceutical products, competition for our
specialty products, including AUSTEDO®, AJOVY® and COPAXONE®; our
ability to achieve expected results from investments in our product
pipeline, our ability to develop and commercialize additional
pharmaceutical products, and the effectiveness of our patents and
other measures to protect our intellectual property rights; our
substantial indebtedness; our business and operations in general;
costs and delays resulting from the extensive pharmaceutical
regulation to which we are subject or delays in governmental
processing time due to the COVID-19 pandemic; compliance,
regulatory and litigation matters, including failure to comply with
complex legal and regulatory environments; other financial and
economic risks; and other factors discussed in our Quarterly Report
on Form 10-Q for the third quarter of 2022 and in our Annual Report
on Form 10-K for the year ended December 31, 2021, including in the
section captioned “Risk Factors.” 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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IR Contacts Ran Meir, (267) 468-4072 Yael Ashman, 972 (3)
914-8262
PR Contacts Kelley Dougherty, (973)-832-2810 Eden Klein,
972 (3) 906 2645
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