Teva Names New CEO

Israel-based pharmaceutical company Teva has announced that Kåre Schultz will replace Dr. Yitzhak Peterburg as President and CEO of the multinational. Shultz has close to 30 years of experience in the pharmaceutical and healthcare industries, and is the former President and CEO of Danish drugmaker H. Lundbeck A/S.

“What drew me to Teva, and what makes Teva different from its peers, is its unique commitment to growing an extensive global reach while continuing to provide new and high-quality treatments for patients and an innovative culture for its employees,” said Shultz. “I am proud to be joining a company that helps millions of patients around the world on a daily basis with its broad range of generic and specialty drugs and solutions.”

During his tenure at Lundbeck, Shultz led restructuring initiatives which are being credited as the driver behind the company’s increasing revenue and earnings. Shultz also worked previously as COO of Novo Nordisk, a Danish multinational pharmaceutical company that has grown to one of the largest in the world.

“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 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.”

Shultz is set to be Teva’s fifth CEO since 2012. According to Teva, Peterburg will continue to act as Interim Chief Executive Officer for the company until Shultz completes his move to Teva’s headquarters in Petah Tikva.