Teva Pharmaceutical Industries Ltd ADR (NYSE:TEVA) named Kåre Schultz to become the president and CEO, according to a company press release today. TEVA stock was up more than 12% in pre-market trading at 5:30 a.m. in New York.
Schultz is viewed as a seasoned veteran in the healthcare industry, with more than 30 years experience in global pharmaceutical and healthcare companies. He most recently served as the president and CEO of H. Lundbeck A/S- ADR (OTCMKTS:HLUYY), where he is credited with leading significant restructuring initiatives and launching a robust turnaround strategy focused on driving a sustainable global cost structure and operational model, according to the release. Prior to his Lundbeck role, Shultz was COO of Novo Nordisk A/S (ADR) (NYSE:NVO).
“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, Kåre is the right leader to take Teva to the next level,” said Dr. Sol J. Barer, chairman of Israel-based Teva’s board of directors. “Kåre has deep insight into the global pharmaceutical industry and a keen knowledge of the generic and specialty drug markets. His proven strategic, financial and operational capabilities and his strong commitment to growth will enhance value for all stakeholders and position Teva for long-term success.”
In the last three months, TEVA stock lost nearly half its value as leadership uncertainties worried market investors.