Teva CFO Michael McClellan steps down, citing personal reasons

Teva CFO Michael McClellan steps down, citing personal reasons

6:02 AM, 8th August 2019
Teva logo

JERUSALEM, ISRAEL: Teva Pharmaceutical Industries Ltd said that Michael (Mike) McClellan, Executive Vice President and Chief Financial Officer (CFO), has decided to step down from his role, due to personal reasons.

Teva has initiated a search to identify its next CFO. McClellan is expected to remain in his role through the announcement of third quarter results to assist with a smooth transition.

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.

"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,” said Kare Schultz, President and Chief Executive Officer, Teva.

"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, added McClellan.

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