Teva Pharma (TEVA) Names New CEO

Teva Pharma (TEVA) Names New CEO

Teva Pharmaceutical Industries Ltd., the world's biggest seller of generics medicines, named Kare Schultz as its new chief executive, choosing an industry veteran to navigate a series of daunting challenges, from falling drug prices to the company's high debt.

For the Current Quarter, the growth estimate for Teva Pharmaceutical Industries Limited is -18.3%, while for the Next Quarter the stock growth estimate is -14.5%. Teva shares have been under pressure for months. Prior to joining Lundbeck, Schultz worked for almost three decades at Novo Nordisk, where he served in a number of leadership roles, including Chief Operating Officer. The company was searching for a new CEO with the help of Heidrick & Struggles International, Inc. Barer said in an interview with The Wall Street Journal.

Teva has been facing tough times and is a Zacks Rank #5 (Strong Sell) stock. "We had to make sure we got the right person". Now, the analyst sings the praises of Tesla's Board of Director's leadership move to appoint Schultz as the new and permanent President and CEO, "because it is the first step in improving visibility for the company's path forward", anticipating Schultz will also assist the firm in hiring a new CFO.

The new chief executive would review the firm's operations before articulating a new strategy as soon as possible, Mr.

Mr. Schultz said, "I am honored to join Teva, an iconic company that I have long admired during my career". Teva Pharma has $86 highest and $14 lowest target.

Teva's CEO, Erez Vigodman, had stepped down in February this year. Peterburg will continue to act as CEO until Schultz fully takes the reins, Teva said.

During Schultz's tenure, Lundbeck shares rose from $132.80 to $411.80, which represents an annual return of nearly 120%.

Teva Pharmaceutical Industries Limited (NYSE:TEVA) last posted its quarterly earnings data on Thursday, August 3rd. Eagle Asset Management Inc who had been investing in Landstar System Inc for a number of months, seems to be less bullish one the $3.95 billion market cap company. It is attempting to pay down those borrowings with asset sales, but has so far found few takers for its businesses. Lundbeck, which he steered through a restructuring that resulted in record earnings for the Danish company. The bulk of the jobs cuts are not here either.

Shares of Teva jumped 7.8 percent to 58.75 shekels as of 10:45 am yesterday in Tel Aviv trading. Meanwhile, top gainers in the sector included Ceragon Networks Ltd (NASDAQ: CRNT ), up 7 percent, and Electronics For Imaging, Inc. Volume ballooned to over 90 million shares, enough to make the stock the most active on major US exchanges, and more than triple the full-day average of about 27.6 million shares, according to FactSet. That figure was less than half what CEOs of S&P 500-listed health-care companies received on average.

Teva noted that Schultz has already turned around Lundbeck's business, cutting costs and returning the company to profit.

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