Israeli based pharmaceutical company Teva has been searching for a new Chief Executive since February. However, it seems the search is finally over.
It has recently been announced that Kare Schultz has been appointed as Teva Pharmaceuticals new Chief Executive, becoming the second non-Israeli to provide significant leadership in order to ensure Teva remains competitive and can overcome current challenges.
He takes over from previous Chief Executive Erez Vigodman and Yitzhak Peterburg.
The healthcare sector is currently undergoing a significant transformation, with increased digitisation, falling drug prices and need to further the brand’s expansion. Since the death of previous Chief Executive, Eli Hurvitz in 2011, the company has fought to overcome its struggles, but many individuals have not adopted the tenacity needed within the role.
Teva’s shares have been under significant pressure amongst new competitors which have hit the market. Schultz’s appointment with restore the company’s credibility, especially with potential investors and has seen share prices rise as the news broke.
Schultz’s move to Israel will showcase his commitment to the company, where he will create a new strategy in which to move the company forward, as well as look at Teva’s $35 billion debt which it acquired through the purchase of Allergan’s generic business.
To counteract this financial instability, the company has recently sold its women’s health unit , alongside its contraceptive brand Paraguard to Cooper Cos for $1.1 billion.
With 30 years in the pharmaceutical business, Schultz has worked at Novo Nordisk A/S and H. Lundbeck A/S, overseeing the company’s operations and leading Lundbeck A/S to success through restructuring the business in order for it to remain financially stable.