AppointmentTeva names Richard Francis as new CEO after Kåre Schultz departure
Appointment
Teva names Richard Francis as new CEO after Kåre Schultz departure
Francis is the former CEO of Sandoz and was also a senior executive at Biogen for 13 years
Israeli pharmaceutical company Teva announced on Monday that the company’s Board of Directors has appointed Richard Francis as President and Chief Executive Officer, effective January 1, 2023. He will replace Kåre Schultz, who will retire from his current position at the end of the year after more than five years at the helm.
Francis is a seasoned pharmaceutical executive bringing more than two and a half decades of experience to Teva, including five years as Chief Executive Officer of Sandoz and a member of the Novartis Executive Team. Prior to his role at Sandoz, Francis was a senior executive at Biogen for 13 years where he held a number of senior roles, including leading the U.S. business. Francis is currently the CEO of Purespring Therapeutics, a gene therapy company focused on transforming the treatment of kidney diseases, and CEO of Forcefield Therapeutics, which develops solutions to protect heart function. He is also an operating partner for Syncona Investment Management Limited.
“It has been a great privilege to serve Teva as its CEO since 2017, and to work with our dedicated and talented team to improve the lives of patients,” said Schultz. “We have positioned Teva as a leader in both our specialty and generics businesses, built a strong financial and operational foundation and enhanced our portfolio and pipeline. This is the right time for a transition, and Richard’s proven track record in the industry makes him the right person to serve as Teva’s next CEO.”
“I have long been impressed with the value Teva provides to patients globally and I am honored to take on the role of leading this extraordinary company into the future,” said Francis. “I look forward to leveraging my background and years of pharmaceutical experience to build on Teva’s strong fundamentals and to write the next exciting chapter for Teva, focusing on building a solid pathway to deliver long-term growth. I continue to see a bright future ahead for the Company and look forward to working closely with the Board, management team and talented employees to continue driving value creation for patients, employees, shareholders and other stakeholders.”
Teva missed on its third-quarter earnings, reporting 59 cents per share. Revenues for the third quarter reached $3.6 billion, also lower than estimates, while total revenues declined 8%.
