Te­va to lose CFO, with turn­around still un­der con­struc­tion

Two years ago, Kåre Schultz took on the gar­gan­tu­an chal­lenge of fix­ing a fi­nan­cial­ly trou­bled, debt-laden Te­va with a sparse pipeline. He re­spond­ed by ini­ti­at­ing a sweep­ing re­struc­tur­ing by cut­ting thou­sands of jobs, ex­e­cut­ing fa­cil­i­ty clo­sures, trim­ming board com­pen­sa­tion and over­haul­ing the Is­re­al-based com­pa­ny’s se­nior ex­ec­u­tive team. One of his moves was to of­fi­cial­ly pro­mote Michael Mc­Clel­lan to chief fi­nan­cial of­fi­cer. Along with its sec­ond-quar­ter re­sults on Wednes­day, Te­va said Mc­Clel­lan was de­part­ing for per­son­al rea­sons.

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