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|November 27, 2017 9:01 a.m.|
|Teva Announces New Organization Structure and Leadership Changes|
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(Graphic: Business Wire)
Kåre Schultz, Teva’s President and CEO, said, “Teva is taking decisive and immediate action to address external pressures and internal inefficiencies. Our new company structure will enable stronger alignment and integration between R&D, operations and the commercial regions, allowing us to become a more agile, lean and profitable company."
Schultz continued, "We will focus on driving sustainable value creation. The new management team will position Teva for turnaround in the short to medium term. We are already working on a detailed restructuring plan for Teva and will share it in mid-December. It remains our absolute priority to stabilize the company’s operating profit and cash flow in order to improve our financial situation, while being focused on short-term revenue and cash generation, and at the same time, ensure we deliver on our commitment to supply high-quality medicines to patients around the world."
As a result of these changes, Dr.
New executive management team
Dr. Hafrun Fridriksdottir is appointed Executive Vice
President, Global R&D. Previously, she served as President of
Global Generics R&D. Prior to joining Teva, Hafrun served as Senior Vice
President and President of Global Generics R&D in
Gianfranco Nazzi is appointed Executive Vice President, Growth Markets Commercial. Gianfranco has previously served as President and CEO of Growth Markets at the Global Generic Medicines group, and prior to that he was he has served as Senior Vice President, Specialty Medicines Europe.
All appointments are effective immediately, while the retiring executives will stay with Teva to support the transition until the end of the year.
The following members of Teva's executive management team will continue in their current positions:
Carlo de Notaristefani, Executive Vice President, Global Operations;
Kåre Schultz concluded, "I would like to thank Dr.
Bios of new appointments
Dr. Hafrun Fridriksdottir has been serving as Executive Vice
President, President of Global Generics R&D since
Brendan O’Grady has been serving as Chief Commercial Officer,
Global Specialty Medicine division since
Gianfranco Nazzi has been serving as President & CEO of Growth
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to:
and other factors discussed in our Annual Report on Form 20-F for the year ended December 31, 2016 (“Annual Report”), including in the section captioned “Risk Factors,” and in our other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov and www.tevapharm.com. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.
Teva Pharmaceutical Industries Ltd.