Deals
Teva Picks Lundbeck's Schultz to Revive Israeli Drugmaker
- Shares jump by most in about 10 months in Tel Aviv trading
- Schultz left Novo Nordisk after being passed over for CEO role
Future Teva CEO Seeks to 'Formulate Clear Strategy'
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Teva Pharmaceutical Industries Ltd. named H. Lundbeck A/S’s Kaare Schultz as its new chief executive officer, ending a seven-month search for a new leader to revive sales and reduce debt at the world’s largest maker of generic drugs.
Schultz, 56, will move to Israel and be based at Teva’s headquarters in Petach Tikva, the Israeli company said in a statement Monday, without proving a time-frame for the changes. He would replace Yitzhak Peterburg, who has been acting CEO since Erez Vigodman left Feb. 6 by “mutual agreement” with the board.