Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) stock was on the rise Monday following some leadership changes.
Teva Pharmaceutical Industries Ltd (ADR) says that it is shaking up it leadership structure to create a more streamlined flow of operation. This includes combining the generics and specialty drugs divisions for global operations into a single group. The new group will cover three regions: North America, Europe and Growth Markets.
Other changes that will be taking place at Teva Pharmaceutical Industries Ltd (ADR) include the Generic R&D and Specialty R&D groups combining into one organization. TEVA is also creating a new Marketing & Portfolio group to oversee interface between its three regions.
Teva Pharmaceutical Industries Ltd (ADR) says that these changes mean that Dr. Michael Hayden, Dr. Rob Koremans and Dipankar Bhattacharjee will retire from the company at the end of the year.
Teva Pharmaceutical Industries Ltd (ADR) is also adding new executives as part of the leadership changes. They are as follows.
- Michael McClellan as Executive Vice President and Chief Financial Officer.
- Dr. Hafrun Fridriksdottir as Executive Vice President of Global R&D.
- Brendan O’Grady as Executive Vice President of North America Commercial.
- Richard Daniell as Executive Vice President of European Commercial.
- Gianfranco Nazzi as Executive Vice President of Growth Markets Commercial.
- Sven Dethlefs as Executive Vice President of Global Marketing & Portfolio.
These new leadership changes go into effect immediately. Teva Pharmaceutical Industries Ltd (ADR) also notes that it will be releasing its new restructuring plan in mid-December.
TEVA stock was up 5% as of noon Monday, but is down 60% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
