Schultz Swings The Cleaver At Teva, Cutting 25% Of The Workforce
Troubled Teva has been preparing employees for layoffs, but the final plan will reshape the generic drug giant entirely with 14,000 jobs being cut in a scramble to stabilize the company. Every business area and geography will be affected.
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Teva is expecting to have a new CEO by the end of next year, after current leader Kåre Schultz indicated that he was unlikely to renew his contract. The president and chief executive has overseen an eventful and transformative period for the Israeli firm.
Teva CEO Kåre Schultz made fast, dramatic changes when he arrived at the generic drug giant back in 2017. With Schultz’s two-year restructuring initiative reaching its conclusion earlier this year, Teva is now kicking on with a ‘global optimization program’ geared towards making its sites “efficient and sustainable.”
New CEO Kare Schultz has established a new leadership team and structure at the generic drug giant, as head of R&D Michael Hayden, Global Specialty Medicines CEO Rob Koremans and Global Generics Medicines CEO Dipankar Bhattacharjee will all leave at the end of the year.