Teva Pharmaceuticals (TLV: TEVA) has appointed Kare Schultz as president and chief executive officer, the company disclosed on Monday.

Schultz will succeed Dr Yitzhak Peterburg, who will serve as interim CEO until Schultz joins the company.

He will be joining Teva from his most recent role as president and CEO of H. Lundbeck A/S (CPH: LUN). When he joined, the Danish company was facing the loss of critical patents, but he implemented a robust turnaround strategy and targeted new product launches.

Prior to this, Schultz worked at Novo Nordisk (CPH: NOVO-B), where he held numerous leadership roles, including chief operating officer, VP in product supply, and director of product planning and customer services in the Diabetes Care Division. He also played a key role in modernising the company's large-scale biologic production and led the company's expansion into the US and Chinese markets.

He has also worked at McKinsey and Anderson Consulting.

Schultz also serves as chairman of the board of directors of Royal Unibrew A/S (CPH: RBREW), a member of the board of director of LEGO A/S, and a member of the board of directors of Bitten og Mads Clausens Fond.