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JERUSALEM--(BUSINESS WIRE)--Nov. 27, 2017--
Teva Pharmaceutical Industries Ltd. (NYSE & TASE:TEVA) announced today a
new organization and leadership structure aimed to achieve better
commercial focus and drive value creation. The new structure will enable
strategic alignment across the portfolio, across regions and between
functions, leveraging scale, enhancing agility, extracting efficiencies
and providing increased proximity to the markets. This new structure
will be implemented effective immediately.
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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. Michael Hayden, Dr. Rob Koremans and
Dipankar Bhattacharjee will retire from Teva, effective December 31,
New executive management team
Michael (Mike) McClellan is appointed Executive Vice
President, Chief Financial Officer and will oversee the Finance
Group, Business Development, Investor Relations and Information
Technology. Previously, he served as Interim CFO and as
SVP & CFO Global Specialty Medicines. Prior to joining Teva, Mike was
the U.S. CFO at Sanofi.
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 Allergan plc.
Brendan O'Grady is appointed Executive Vice President, North
America Commercial. Brendan has previously served as Chief
Commercial Officer, Global Specialty Medicine, as interim head of Teva’s
European specialty business and as President and CEO for Teva’s North
America generics business and as VP US Market Access and Reimbursement.
Richard Daniell is appointed Executive Vice President,
European Commercial, after having served as President and CEO, Teva
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
Sven Dethlefs is appointed Executive Vice President, Global
Marketing & Portfolio. He previously served as Global Head of
Respiratory Medicines and as Chief Operating Officer, Teva Global
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;
Iris Beck-Codner, Executive Vice President, Global Brand &
Mark Sabag, Executive Vice President, Global Human Resources;
David Stark, Executive Vice President, Chief Legal Officer.
Kåre Schultz concluded, "I would like to thank Dr. Michael Hayden, Dr.
Rob Koremans and Dipankar Bhattacharjee for their profound contributions
to Teva over the past decade and for their tireless dedication to the
many patients we serve."
Bios of new appointments
Michael (Mike) McClellan has been serving as Teva Interim Group
CFO since July 2017. Prior to this role, he had served as SVP & CFO
Global Specialty Medicines since July 2015. Prior to joining Teva, Mike
was the U.S. CFO at Sanofi, where his career spanned nearly 20 years in
roles of increased responsibility in global finance and healthcare. Mr.
McClellan received his BSBA, Accounting & Economics from the University
of Missouri Trulaske College of Business.
Dr. Hafrun Fridriksdottir has been serving as Executive Vice
President, President of Global Generics R&D since February 2017, after
serving as Senior Vice President and President of Global Generics R&D
from 2016. Prior to joining Teva, from 2015 to 2016, Ms. Fridriksdottir
served as Senior Vice President and President of Global Generics R&D in
Allergan plc. From 2002 to 2015, she held positions of increasing
responsibility within the Actavis Group, including Senior Vice
President, R&D. From 1997 to 2002, Ms. Fridriksdottir served as
Divisional Manager of Development at Omega Pharma, until its merger with
Actavis. Ms. Fridriksdottir started her career as a scientist for 2
years at a research and development company owned by Pharmacia in
Sweden, after receiving an MS degree in pharmacy and a Ph.D. in physical
pharmacy from the University of Iceland.
Brendan O’Grady has been serving as Chief Commercial Officer,
Global Specialty Medicine division since Aug 2016. In addition, he
currently serves as the interim head of Teva’s European Specialty
business. Prior to these roles, Mr. O’Grady held the position of
President and CEO for Teva’s North America generic business in 2015 and
held various senior roles since he joined Teva in 2011 as Regional
Account Manager. Prior to joining Teva, Mr. O’Grady spent 10 years with
Sanofi predecessor companies in a variety of commercial and medical
affairs roles that began in field sales. He received his B.S. from
Geneseo State University, NY in Management Science/Marketing and holds
an M.B.A. from Baker University in Baldwinsville, Kansas.
Gianfranco Nazzi has been serving as President & CEO of Growth
Markets, Global Generic Medicines Group since March 2017. Mr. Nazzi
joined Teva as Senior Vice President Specialty Medicines Europe in 2014.
Prior to joining Teva, he served 7 years at AstraZeneca in various
senior roles, including Sales and Marketing Vice President Europe,
Global Vice President Respiratory, General Manager of the Balkans and
Vice President Primary Care in Italy. At GlaxoSmithKline he served for
two years as BU Director Metabolic & Cardiovascular and at Eli Lilly and
Company he served for 5 years in various sales and marketing roles in
both Italy and the US. He began his career at Danieli. Mr. Nazzi
received his BA degree in economics from the University of Udine, and
his Masters degree in Management Studies from SDA Bocconi.
Richard Daniell has been serving as President and Chief Executive
Officer, Teva Generics Europe since Dec 2016. Prior to that, he had
served as Chief Integration Officer Leading Actavis-Teva Integration
since Sep 2015 after holding various senior roles, including Chief
Operating Officer, Growth Markets and Regional General Manager for Teva
in the UK and Ireland from 2012 through 2014. Mr. Daniell joined Teva as
Senior Director Teva UK Limited in 2006, following the acquisition of
IVAX Pharmaceuticals UK. Prior to joining Teva, he served three years at
IVAX Pharmaceuticals UK as Director of Generics. Mr. Daniell received
his BSc in chemistry from the University of Auckland.
Sven Dethlefs has been serving as Global Head of Respiratory
Medicines, Global Specialty Medicines since January 2016. Prior to that,
he had served as Chief Operating Officer, Teva Global Operations, since
October 2013. Mr. Dethlefs joined Teva as General Manager, Teva Germany
in 2008. Prior to joining Teva, he served for over 11 years as a partner
at McKinsey & Company. Mr. Dethlefs received his PhD in biochemistry
from the FU Berlin/Pasteur Institute Paris.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading
global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by approximately 200 million
patients in over 60 markets every day. Headquartered in Israel, Teva is
the world’s largest generic medicines producer, leveraging its portfolio
of more than 1,800 molecules to produce a wide range of generic products
in nearly every therapeutic area. In specialty medicines, Teva has the
world-leading innovative treatment for multiple sclerosis as well as
late-stage development programs for other disorders of the central
nervous system, including movement disorders, migraine, pain and
neurodegenerative conditions, as well as a broad portfolio of
respiratory products. Teva is leveraging its generics and specialty
capabilities in order to seek new ways of addressing unmet patient needs
by combining drug development with devices, services and technologies.
Teva's net revenues in 2016 were $21.9 billion. For more information,
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
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20171127005389/en/
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.IR Contacts:United StatesKevin
C. Mannix, 215-591-8912orRan Meir, 215-591-3033orIsraelTomer
Amitai, 972 (3) 926-7656orPR Contacts:IsraelIris
Beck Codner, 972 (3) 926-7208orUnited StatesDenise