Teva Lands A CEO: Can Schultz Replicate Lundbeck Success?
After seven months of uncertainty, Teva has announced a new CEO. But Kåre Schultz, who has won applause for turning around the fortunes of Danish firm Lundbeck over the past two years, faces a daunting turnaround challenge when it comes to the generics behemoth.
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Teva investors have moved beyond restless to the point of jumping ship as the company's generic drug business continues to underperform, with little guidance on plans for a turnaround.
Kåre Schultz, the new CEO at H. Lundbeck A/S, has wasted little time in making big decisions. Just three months after taking up the top job at the Danish pharma firm, following a dramatic exit from larger cross-town rival Novo Nordisk, he has announced that Lundbeck's previous restructuring attempts in Europe have not gone far enough. Lundbeck is going to focus on five key products, close early stage R&D programs, and cut 1,000 jobs.