Kåre Schultz

Kåre Schultz (21 May 1961) is a Danish business executive. He was appointed to be chief executive officer of Teva Pharmaceutical Industries in September 2017.

Kåre Schultz
Kåre Schultz in 2017
Born (1961-05-21) 21 May 1961
NationalityDanish
Alma materUniversity of Copenhagen
OccupationCEO of Teva Pharmaceutical Industries
Spouse(s)Marianne Schultz
Children3

Career

Schultz has a Cand.polit. degree from the University of Copenhagen in 1987. He initially worked as a consultant for Andersen Consulting in London and for McKinsey & Company in Copenhagen.[1]

He began to work for Novo Nordisk in 1989. He was appointed as executive vice president (staff and quality) in 2000, and became COO in 2002. In 2015, he was appointed as president and vice CEO.

In April 2015, Schultz left Novo Nordisk to assume a position as CEO of Lundbeck.[2][3]

In September 2017, he was appointed as the new CEO of Teva Pharmaceutical Industries.[4] He arrived at the top executive position around the time a US Court ruled that the patent of Copaxone, the company's best-selling drug, had expired, allowing the competition to market the same product.[5] In November 2017, he announced deep structural changes aiming to make the company more responsive in a region-centric distribution system. Many executives left the company. 1,700 layoffs were announced in the press.[6] In 2018, he was remunerated $32.5 million, twice the amount of his 2017 remuneration.[7]

In July 2019, he stopped production of Vincristine, a critical drug used to treat the most common forms of childhood cancer, and was criticized by media for creating a worldwide shortage of the drug.[8]

He was the chairman of Royal Unibrew from 2010 until the end of December 2017.[9] He has also been a member of Lego's board of directors since 2007.[10]

Personal life

Married to Marianne Schultz. Has three children.[11]

References
  1. "BLÅ BOG: Hvem er Kåre Schultz". fyns.dk (in Danish). Retrieved 12 September 2017.
  2. "Kåre Schultz bliver ny topchef i Lundbeck". Dagbladet Børsen (in Danish). Retrieved 12 September 2017.
  3. "Drugmaker Teva hires Lundbeck CEO Schultz to restore its health". Reuters. 2017-09-11. Retrieved 2020-06-03.
  4. "Teva Appoints New Chief Executive After Months of Speculation". The Wall Street Journal. Retrieved 12 September 2017.
  5. Roger Yu (11 September 2017). "Teva shares zoom after it names Kåre Schultz as new CEO". Usatoday.com. Retrieved 30 September 2019.
  6. Shoshanna Solomon (27 November 2017). "New Teva CEO shakes up structure and leadership at troubled drugmaker". Timesofisrael.com. Retrieved 30 September 2019.
  7. Carly Helfand (17 April 2019). "Teva CEO Kåre Schultz nabs whopping $33M in first full year at the helm". Fiercepharma.com. Retrieved 1 October 2019.
  8. https://www.nytimes.com/2019/10/14/health/cancer-drug-shortage.html
  9. "Changes to the Board of Directors of Royal Unibrew A/S". Royal Unibrew. Retrieved 2 February 2018.
  10. "Kåre Schultz". Lego. Retrieved 2 February 2018.
  11. "Novo Nordisks festglade kronprins". Berlingske (in Danish). Retrieved 12 September 2017.
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