Danske Kåre Schultz (59) is former Executive Vice President of Novo Nordisk and Lundbeck. In 2017, he became the first non-Jewish top director of the Israeli pharmaceutical giant Teva Pharmaceutical Industries – read more about the pharmaceutical company HERE.
Schultz started his career in Teva with his left leg after in December 2017 he came up with a giant austerity plan and the dismissal of 14,000 employees. The austerity plan sparked violent protests and meant the banks, the country’s stock exchange and Ben Gurion Airport closed down. Schultz was also called to a crisis meeting with Israeli Prime Minister Benjamin Netanyahu, Berlingske Tidende wrote on 30 November.
Teva’s shares rose in time immediately after the savings plan was introduced. The stock peaked in August 2018, after which it fell by more than 60 percent. This is because Teva has been involved in lawsuits in the United States.
Teva is accused of being involved in the sale of opioids in the United States. Opioids are a painkiller which, according to US authorities, has caused a great deal of abuse among Americans. Teva is also accused of collaborating with other pharmaceutical companies to raise their drug prices.
To Berlingske, Kåre Schultz stated:
“Of course, we are aware that it is not ideal for shareholders with the legal challenges we have in the United States, but we are patient and try to resolve it as quickly and as best we can,” >
In Israel, the picture is turned for Teva after the pharmaceutical company has been tasked with helping the country’s large-scale vaccination efforts to get the Israeli population vaccinated against Corona. Read MIFF’s article about the vaccination effort HERE.
Teva has a state-of-the-art logistics center where the Corona vaccines that Israel has purchased from the pharmaceutical company Pfizer can be stored at extremely low temperatures of minus 70 degrees as required.
After Israeli Prime Minister Benjamin Netanyahu visited Teva’s distribution unit, he said in an official statement:
»From what we have seen today, there are no logistical problems with either the storage, freezing or allocation of these vaccines. This is very important news in terms of ending the pandemic in Israel, “