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Teva Pharmaceutical Restructures

June 2, 2014

Makes organizational and executive changes

Teva Pharmaceutical Industries Ltd. has made several new organizational structure and related executive changes, which will become effective July 1. All of Teva's business units will be aligned to accelerate its operational network transformation and integration. 
“The new organizational structure and leadership team will better position Teva to deliver sustainable growth and create short and long-term value. We must capitalize first on our existing assets and capabilities, and exploit opportunities and synergies emanating from the full integration of all business activities – most importantly, generic and specialty – while leveraging our global R&D and operations capabilities," said Teva's president and chief executive officer, Erez Vigodman.
Teva will be headed by two commercial business units, Global Specialty Medicines (GSM) and the newly-formed Global Generic Medicines group (GGM). GGM will have full global responsibility for all existing generic markets, including portfolio management and selection, product launch, and commercial execution. GGM will also be responsible for Teva's OTC business, led by its joint venture with The Procter and Gamble Co.
Sigurdur Olafsson has been appointed president and chief executive officer of GGM and will be based in the U.S. Mr. Olafsson brings more than 20 years of diverse experience as a pharma industry executive serving in a number of leadership roles, including his previous role as president of Actavis Pharma.
The GSM group, led by Dr. Rob Koremans, is responsible for Teva's global specialty medicines business. Both the GGM and GSM units will work together to create synergies and leverage Teva's product portfolio in both its innovative and generics businesses.
The newly formed Corporate Development, Strategy and Innovation Group will continue to be responsible for strategy and business development initiatives, and also look for innovative business models, partnerships and technologies. A group leader has not yet been appointed.
Teva is creating a new Global Corporate Marketing Excellence and Communications Group, which will be responsible for corporate marketing, brand management, corporate communications and corporate social responsibility. Iris Beck-Codner has been appointed executive vice president of the group.
Eric Drapé, currently the head of Sterile, Respiratory and Specialty Operations has been named executive vice president, global head of the Quality Group. Mr. Drapé will report directly Teva's president and chief executive officer, Erez Vigodman, and will work in close collaboration with Dr. Carlo De Notaristefani, president and chief executive officer of Teva's Global Operations.
Eyal Desheh, Teva’s executive vice president and chief financial officer, will also be responsible for Teva’s corporate efficiency program and will continue to oversee Global IT, and will assume joint responsibility for Investor Relations, with Mr. Vigodman.
"The new, fully integrated commercial generic business, under the leadership of Sigurdur Olafsson, is designed to enhance Teva's current leadership position in the global generic market. The unified generic business will focus on accelerating business growth, achieving competitive costs, developing innovative value propositions, creating a broad and differentiated portfolio, and strengthening our commercial position in all existing markets," said Mr. Vigodman. "Siggi brings with him a wealth of experience and knowledge obtained through a series of leadership positions in the pharmaceutical industry. He has consistently demonstrated his ability to lead complex business initiatives, which generate significant value. We are fortunate to have him join our team and I am confident in his ability to take our global generic business to the next level.
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