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Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; TASE: TEVA) has announced a new organizational structure and related executive positions, The company said that the changes which will come into effect on July 1 are designed to achieve seamless global integration, focus and effectiveness across Teva. As part of the new changes the number of senior executives will be reduced from 15 to 9.
Teva president and CEO Erez Vigodman said, “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.”
Teva has appointed Sigurdur Olafsson as president and CEO of the Global Generic Medicines group. Olafsson joins Teva with over 20 years of experience as an executive in the pharmaceutical industry in a number of leadership roles, including his previous role as president of Actavis Pharma. He will be based in the US.
GGM will have full global responsibility for all existing generic markets. This includes portfolio management and selection, product launch, and commercial execution. Teva says that the consolidation of its regional generic businesses under one roof underscores its strong focus on, and commitment to, its generic business. It will leverage the economies of scale of our global generic business to support organic growth, achieve operational and supply chain efficiencies, optimize portfolio selection and development, and develop new and innovative products and go-to-market models. This will be done through close collaboration and integration with Teva’s Global R&D and Operations groups.
GGM will also be responsible for Teva’s growing Over-the-Counter (OTC) business, led by Teva’s joint venture with The Procter and Gamble Company.
The GSM group, led by Dr. Rob Koremans, is responsible for Teva’s global specialty medicines business. GSM will continue to drive organic growth, with a strong pipeline of patient-centric solutions, and introduce new brands through focused business initiatives. Building on existing expertise and incorporating innovative technology, the group will work to enhance patient experience in the therapeutic areas on which we will be focusing.
Teva said that GGM and GSM will work closely together to realize synergies and leverage Teva’s vast product portfolio in both its innovative and generics businesses. The integration between these two areas will enable Teva to create a unique and differentiated business model as a catalyst to create value over time.
In addition, Teva is also forming a Corporate Development, Strategy and Innovation Group and Global Corporate Marketing Excellence and Communications Group. No leader has been appointed yet for the former Group while Iris Beck-Codner has been appointed Group Executive Vice President, Corporate Marketing Excellence & Communications.
In addition, Eric Drapé, currently the Head of Sterile, Respiratory and Specialty Operations has been named Group Executive Vice President, Global Head of Quality. Teva CFO Eyal Desheh will also be responsible for executing Teva’s corporate efficiency program, will continue to oversee Teva’s Global IT, and will assume joint responsibility for Investor Relations, together with Vigodman.
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