Teva Pharmaceuticals named Richard Francis as its next president and CEO, effective Jan. 1.
The current CEO, Kåre Schultz, will retire from the position Dec. 31.
Previously, Mr. Francis was the CEO of Novartis' Sandoz for five years and a senior executive at Biogen for 13 years.
"I have long been impressed with the value Teva provides to patients globally and I am honored to take on the role of leading this extraordinary company into the future," Mr. Francis said in a Nov. 21 news release. "I look forward to leveraging my background and years of pharmaceutical experience to build on Teva's strong fundamentals and to write the next exciting chapter for Teva, focusing on building a solid pathway to deliver long-term growth."