Teva Pharmaceutical Industries Ltd. has named a new CEO after a very long and lengthy search for one.
The world’s biggest generic drug maker has decided on Kare Schultz to be its president and CEO after former CEO Erez Vigodman left for undisclosed reasons. Yitzhak Peterburg has been the company’s interim CEO since February.
Since 2015, Schultz has been the CEO of H. Lundbeck A/S and has also been the COO of Novo Nordisk A/S.
Teva shares have suffered this year with the stock losing more than 50% since January. The company also announced last month that it cut its full-year guidance and slashed its dividend 75%.
Peterburg cited “customer consolidation, greater competition as a result of an increase in generic drug approvals by the U.S. Food and Drug Administration, and some new product launches that were either delayed or subjected to more competition.”
“With extensive global pharmaceutical experience, a strong track record executing corporate turnaround strategies, driving growth and international expansion at low incremental cost and delivering on promises to shareholders, as well as a commitment to a culture of compliance, Kare is the right leader to take Teva to the next level,” Chairman of Teva’s Board Dr. Sol J. Barer said in a statement.
Disclaimer: We have no position in Teva Pharmaceutical Industries Ltd (ADR) ADR (NYSE: TEVA) and have not been compensated for this article.