Kare Schultz will become Teva’s fourth CEO in a decade, and its second outsider.
Kare Schultz will become Teva’s fourth CEO in a decade, and its second outsider. The company has struggled with its business, including generic competition to its top-selling drug Copaxone, and recent efforts haven’t yet turned the ship. Investors are excited about the addition of Schultz, sending shares up 15% on news of his appointment. Still, there is the experience of former CEO Jeremy Levin to consider. Levin left in 2014 after clashing with a board described by others as a “nuthouse,” and it was noted at the time that the insular group had a hard time working with a non-Israeli. Luckily for Schultz, there has been some clean-up effort since then, with four new board (outsider) members appointed in June.
And if the news isn’t out already, we should know soon whether Axovant has experienced any kind of success with its Alzheimer’s candidate, and whether David Hung is likely to have a long tenure as the company’s new CEO. -KT
