Teva kicks off turnaround plan with C-suite shakeup
Following reports in Israeli press last week that struggling generics giant Teva Pharmaceutical Industries (NYSE: TEVA) is gearing up to slash its global workforce, the company announced today a radical shakeup of its executive team which included, as expected, the ousting of R&D chief Michael Hayden.
Rejecting boldly those who had lobbied for a breakup of the company’s generics and branded divisions, Teva will also unify its global groups for generics and specialty medicines, including R&D functions.
Rob Koremans, president and chief executive of the specialty medicines unit and Dipankar Bhattacharjee, president and CEO of the global generics unit, will leave at the end of the year.
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