Teva said Monday that Schultz will take the reins from interim CEO Yitzhak Peterburg, who took on that role when Erez Vigodman stepped down as president and chief executive earlier this year. Peterburg had been Teva’s chairman but under Israeli law was required to step down from that post to serve as interim CEO, which led to the election of Sol Barer as chairman.
Schultz brings to Teva nearly 30 years of experience in the global pharmaceuticals and health care arenas. He comes to Teva from H. Lundbeck A/S, where he has served as president and CEO since 2015.
“I am honored to join Teva, an iconic company that I have long admired during my career. 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,” Schultz said in a statement. “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. I look forward to working closely with the entire team at Teva to build a future of success for the company and its stakeholders.”
Before joining Lundbeck, Schultz worked for nearly three decades at Novo Nordisk, where he served in a range of leadership roles, including chief operating officer, vice president in product supply, and director of product planning and customer services in the diabetes care division. Teva noted that Schultz also played a major role in modernizing Novo Nordisk’s large-scale biologic production and leading the company’s expansion into the U.S. and Chinese markets. In addition, Schultz has held positions at McKinsey and Andersen Consulting.
Schultz is slated to relocate to Israel and be based in Teva’s Petah Tikva headquarters.
“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,” Barer commented. “Kåre has deep insight into the global pharmaceutical industry and a keen knowledge of the generic and specialty drug markets. His proven strategic, financial and operational capabilities and his strong commitment to growth will enhance value for all stakeholders and position Teva for long-term success. He brings a strong sense of corporate citizenship, and his disciplined commitment to excellence makes him a clear professional and cultural fit with our company.”
Plans call for Peterburg to continue to serve as interim CEO until Schultz officially joins the company.
“We are delivering on the commitments we have made over the last several months. We are optimizing our operations and geographical footprint while focusing our resources on the specialty and generics pipeline assets that offer the most attractive return on investment,” Peterburg stated. “In addition, we are on course to hit our target of generating at least $2 billion from the sale of noncore assets, which we will use to strengthen Teva’s balance sheet. It is a privilege to lead Teva, and I look forward to continuing to do so during this time and will work with Kåre to ensure a seamless transition once he joins.”