Teva Names Kåre Schultz as CEO, After 7-month Search

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But he added: "I just got an offer that I couldn't refuse, being CEO at one of the biggest pharmaceuticals companies in the world".

He replaces Yitzhak Peterburg, who has been acting chief executive officer since Erez Vigodman left on February 6 by "mutual agreement" with the board. Mr. Schultz joined H. Lundbeck A/S as President and CEO as the company faced the loss of key patents and implemented an effective turnaround strategy by lowering operating costs and targeting new product launches.

The company has lost market value and investor confidence in the months-long search for a new top executive who would come up with a plan to address Teva's challenges in its US generic drug business and large debt from the $40 billion acquisition of Allergan's generics business in 2015.

Mr. Schultz is a seasoned veteran in the healthcare industry with a distinguished, almost thirty year career in global pharmaceutical and healthcare companies. But the stock is getting a lift today after Teva announced that Kare Schultz, CEO of privately held Lundbeck, would take the reins. He brings a strong sense of corporate citizenship, and his disciplined commitment to excellence makes him a clear professional and cultural fit with our company.

At Lundbeck, Schultz is credited with leading a restructuring effort and turnaround that put the firm on track of achieving record sales and profit, Teva said. The stock during Schultz's tenure as the CEO generated returns of close to threefold.

Executive management teams are a fundamental component on how a company runs.

The process of replacing both executives has now begun and the company's board said the strategic direction of the company will remain unchanged. "It is a privilege to lead Teva and I look forward to continuing to do so during this time, and will work with Kåre to ensure a seamless transition once he joins". Meanwhile, Reuters reports that Lundbeck's shares fell by more than 12% as investors heard the news of Schultz's departure, as well as the departure of Staffan Schueberg, the company's chief commercial officer. Before that, he spent almost three decades at Novo Nordisk in a slew of roles, including chief operating officer. While at Novo Nordisk, Mr. Schultz led NVO's expansion into the USA and Chinese markets and helped modernize its large scale biologic production. Schultz serves as the Chairman of the Board of Royal Unibrew A/S, as a member of the Board of LEGO A/S and as a member of the Board of Bitten og Mads Clausens Fond, the holding vehicle for Danfoss A/S.

He holds a master's degree in Economics from the University of Copenhagen.

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