Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has named the long-term CEO, causing excitement among investors who are sending the stock toward the top. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:02), TEVA is trading at $17.61 per share after a gain of $2.11 per share or 13.61% thus far today.
TEVA Names Permanent CEO
As mentioned above, Teva Pharmaceutical Industries is having an incredibly strong start to the trading session in the pre-market hours this morning, and for good reason. The company has named Kåre Schultz as the new president and CEO. At the moment, Dr. Yitzhak Peterburg is still acting as the interim CEO as Schultz will need to relocate to the company's headquarters in Israel.
Kåre Schultz brings quite a bit to the table for TEVA. He has a nearly 30-year history in the pharmaceutical industry. Most recently, Schultz served as the President and CEO at H. Lundbeck A/S. Before that, he served as the chief operating officer at Novo Nordisk. Investors are hoping that Schultz will help pull TEVA out of the rut they are in with regard to sluggish sales and large debt obligations associated with recent acquisitions. In a statement, Dr. Sol J. Barer, Chairman of Teva Pharmaceutical Industries' Board of Directors, had the following to offer...
“With extensive global pharmaceutical experience, a strong track record executing corporate turnaround strategies, driving growth and international expansion at low incremental cost and delivering on promises to shareholders, as well as a commitment to a culture of compliance Kåre is the right leader to take Teva to the next level.”
The above statement was followed up by Kåre Schultz himself, who had the following to offer...
“I am honored to join Teva, an iconic company that I have long admired during my career. 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. I am proud to be joining a company that helps millions of patients around the world on a daily basis with its broad range of generic and specialty drugs.”
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TEVA. In particular, we're interested in following the story surrounding Kåre Schultz and seeing how he changes the company for the better as the new president and CEO, leading the charge! Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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