Lundbeck CEO leaves post to lead Teva: 5 things to know

Teva Pharmaceuticals on Monday named Lundbeck's Kare Schultz its new CEO, reports Reuters.

Here are five things to know.

  1. Mr. Schultz has more than 30 years of experience in the global pharmaceutical industry.

  1. He became CEO of Lundbeck in May 2015 after leaving a position at Novo Nordisk.

  1. Mr. Schulz told Reuters he will create a "very clear strategy" to tackle Teva's "various restructuring initiatives" and address the more than $35 billion in debt the company accumulated by purchasing Allergan's generics unit in 2016.

  1. He will also be responsible for deciding whether to keep Teva's generics and specialty units under one business, split them into two entities or exit the highly competitive generics market, according to the report.

  1. Teva will pay Mr. Schultz a base salary of $2 million a year. He will also receive numerous bonuses and stock options, along with a $20 million signing-on fee.

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