Struggling Israeli Generics Maker Teva Finally Names New CEO
11 September, 2017, 20:51 | Author: Jeff Stephens
The "good news" just piles on, as today, investors are sending shares racing nearly 17% on back of the news Kare Schultz, the CEO of Danish-based pharma firm Lundbeck is tasked to move to company headquarters in Petah Tikva, Israel to guide the troubled firm back to its former glory.
Teva Pharmaceutical (TEVA) rocketed Monday after announcing a former Novo Nordisk (NVO) executive will take the helm at Teva, just seven months after its last full-time chief executive resigned amid a bribery scandal.
Teva'snew CEO will face pressure from certain investors to split Teva into two separate businesses, with one focusing on its patented specialty medications and one on affordable generic drugs.
The leadership announcement represents the successful completion of the global search process to identify the next leader for the company and was executed by the Teva board of directors, with the assistance of Heidrick & Struggles.
No start date has been set for Schultz, but he will relocate to Teva's headquarters in Petach Tikva. Prior to joining Lundbeck, Schultz worked for almost three decades at Novo Nordisk, where he served in a number of leadership roles, including Chief Operating Officer.
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"With extensive global pharmaceutical experience, a strong track record executing corporate turnaround strategies, driving growth and worldwide 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", commented the Chairman of the company's board of directors, Dr. Sol J. Barer. He continued that "it's important to work very fast and create a clear strategy and bring the company on strategic course".
Schultz said, "I am honored to join Teva, an iconic company that I have long admired during my career".
Dr. Yitzhak Peterburg said, "We are delivering on the commitments we have made over the last several months".
The Israeli drugmaker's debt is more than US$30 billion - twice the value of the company - and Teva warned investors that it risks breaching its debt covenants this year if it does not reap the expected US$2 billion from the asset sales.
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The Court directed IRP to submit resolution plan indicating protection of interests of flat buyers and creditors within 45 days. The SC also asked the NCLT- appointed insolvency resolution professional (IRP) to take over its management of the company.