Teva’s new CEO Kare Schultz has shaken up the company’s leadership, announcing three top division heads will step down at the end of the year, alongside upcoming layoffs.
Schultz, who joined the struggling company on Nov. 1, also announced that he will combine the company’s generic and specialty drugs business alongside the research and development groups for those units.
Teva said that it is working on a detailed restructuring plan that will be shared next month.
Michael Hayden, the chief scientific officer, Rob Koremans, head of global specialty medicines, and Dipankar Bhattacharjee, head of the global generic medicines group, are the division heads that will step down in the coming months.
Teva has appointed Michael McClellan as permanent chief financial officer after holding the role on an interim basis.
Read the Reuters report