After a seven month search, Teva has a new CEO, Kåre Schultz who is coming over from Lundbeck. Schultz joined Lunbeck since 2015 and was instrumental in the company's turnaround.
Teva, recently announced it would be laying off 7,000 people, had indicated it was looking for a leader with a high level of cost-cutting experience.
Within a year of Schultz's arrival at Lundbeck, profits were exceeding expectations, and revenue was on the rise, too.
Schultz will be relocating to Teva's home country, Isreal. Interim CEO Yitzhak Peterburg will step down when Schultz arrives.
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