Teva Pharmaceutical Industries has appointed Kare Shultz as the company’s new president and CEO, ending a search which took several months.
Currently president and CEO of Lundbeck, Schultz has worked in the pharma and healthcare fields for three decades, and was formerly chief operating officer of Novo Nordisk.
Teva has been without a permanent CEO since Erez Vigodman stepped down in February for undisclosed reasons.
Schultz will be tasked with creating a plan to address Teva’s challenges in its U.S. generic drug business and debt from the $40 billion acquisition of Allergan’s generics business in 2015.
Schultz said: “What drew me to Teva, and what makes Teva different from its peers, is its unique commitment to growing an extensive global reach while continuing to provide new and high-quality treatments for patients, and an innovative culture for its employees.”
Teva board chairman Sol Barer said: “Kare has deep insight into the global pharmaceutical industry and a keen knowledge of the generic and specialty drug markets.”