A Look At Kare Schultz, The New CEO In Charge Of Teva

Kare Schultz, a veteran pharmaceutical executive with a background in restructuring, was a big hit with investors after the 56-year-old Dane was chosen as CEO of Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA), the world's biggest seller of generic medicines.

Shares were up 20 percent on Monday following the announcement of Schultz’s hiring by the Israel-based drugmaker.

A 30-year veteran of the industry, Schultz rose to chief operating officer at Novo Nordisk (NYSE: NVO), the world’s biggest producer of insulin. He was named chief executive in 2015 at H. Lundbeck, which he steered through a restructuring that resulted in record earnings for the Danish company.

Big Challenges Ahead

Teva Chairman Sol Barer told The Wall Street Journal that Schultz brings a full set of necessary skills: global pharmaceutical experience, a restructuring background and knowledge of generic and specialty medicines.

Barer said Schultz understands the "cultural framework" of working for a big pharma firm that, like Novo Nordisk, is also considered a national champion, Barer said.

"This is a critical time in Teva's history," barer said. "We had to make sure we got the right person."

Schultz joins an executive board that in recent years has fought over whether the company should focus on generics drugs or invest in specialty medicines, as competition has increased for its main blockbuster drug.

The new chief executive would review the firm's operations before outlining a new strategy as soon as possible, Barer said.

Teva has been searching for a new, permanent CEO since February, when former boss Erez Vigodman left the company. Yitzhak Peterburg has stood in as interim CEO.

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