Teva Integrates Generics And Specialty Medicines Groups; Reveals New Leadership

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) announced Monday a new organization and leadership structure aimed to achieve better commercial focus and drive value creation. The new structure will enable strategic alignment and will be implemented immediately.

The commercial business groups for generics and specialty medicines will be integrated into one commercial organization, operating through three regions North America, Europe and Growth Markets. Some of the former global units will be integrated into the new structure, while others will be made redundant. A newly formed Marketing & Portfolio function will be responsible for overseeing the interface between regions, R&D and operations.

As a result of these changes, Dr. Michael Hayden, Dr. Rob Koremans and Dipankar Bhattacharjee will retire, effective December 31, 2017, Teva noted.

The Pharma company appointed Michael (Mike) McClellan as Executive Vice President, Chief Financial Officer and will oversee the Finance Group, Business Development, Investor Relations and Information Technology. Earlier he has served as Interim CFO and SVP & CFO of Global Specialty Medicines.

The company appointed Hafrun Fridriksdottir as Executive Vice President, Global R&D, Brendan O'Grady as Executive Vice President, North America Commercial, Richard Daniell as Executive Vice President, European Commercial.

Gianfranco Nazzi will be the new Executive Vice President,Growth Markets Commercial and Sven Dethlefs will serve as Executive Vice President, Global Marketing & Portfolio.

The retiring executives will stay with Teva to support the transition until the end of the year.