JERUSALEM--(BUSINESS WIRE)-- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today announced that Michael (Mike) McClellan, Executive Vice President and Chief Financial Officer (“CFO”), has decided to step down from his role as CFO due to personal reasons requiring him to be located near his family. Teva has initiated a search to identify its next CFO. Mr. McClellan is expected to remain in his role through the announcement of third quarter results to assist with a smooth transition.
Kåre Schultz, President and Chief Executive Officer, stated, "On behalf of the Board of Directors and our leadership team, I would like to thank Mike for his dedication and contributions as CFO in such challenging times. During his term, Mike played an instrumental role in executing on the company-wide two year restructuring efforts to significantly reduce our cost base and improve business performance."
Mr. McClellan stated, "I deeply value the opportunity I’ve had to serve as Teva CFO and to lead the Company’s finance organization and I am confident that Teva has the financial strength and capabilities to ensure its growth and success."
Mr. McClellan was appointed Teva's CFO in November 2017 after serving as Senior Vice President and Interim Group Chief Financial Officer from July 2017. From 2015 to November 2017, Mr. McClellan served as Senior Vice President and CFO, Global Specialty Medicines.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to our ability to successfully execute a smooth CFO transition and recruit a qualified CFO in a timely manner; our ability to successfully compete in the marketplace; our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; compliance, regulatory and litigation matters; other financial and economic risks; and other factors discussed in our Quarterly Reports on Form 10-Q for the first and second quarter of 2019 and in our Annual Report on Form 10-K for the year ended December 31, 2018, including in the sections captioned "Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.