Teva Pharmaceuticals (NYSE:TEVA) stock is sliding on Monday after the company announced Richard Francis as its new President and CEO.
Francis will take over as the President and CEO of Teva Pharmaceuticals starting on Jan. 1, 2023. This will have him replacing Kåre Schultz, who will retire as CEO on Dec. 31 of this year.
Investors in TEVA stock will note Francis’ long history in the pharmaceutical space. That includes leading Sandoz as its CEO for five years. Francis has also served on the executive team at Novartis (NYSE:NVS) — which owns Sandoz — and was a senior executive at Biogen (NASDAQ:BIIB) for 13 years.
What Else TEVA Stock Investors Need to Know
Francis will continue to hold roles at other companies while serving as the CEO of Teva Pharmaceuticals. That includes acting as the CEO of gene therapy company Purespring Therapeutics, which is owned by Syncona, and heart therapy company Forcefield Therapeutics. He is also an operating partner for Syncona Investment Management Limited.
TEVA stock shareholders aren’t reacting well to the news, with light trading keeping the stock down today. As of this writing, around 1 million shares have changed hands. That’s still a far way off from the 9 million shares traded on average every day.
TEVA stock is down 2.1% as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.