What happened
For the third day in a row, top generic drugs specialist Teva Pharmaceuticals (TEVA 4.23%) had a losing session on the stock market. Overall, it was an eventful week for the company, capped by big news out of its C-suite.
So what
After market hours on Thursday, The Wall Street Journal reported that Teva's CEO Kare Schultz has opted not to renew his contract when it expires in November 2023. That revelation came in an interview with the executive, and the company confirmed that he plans to step down.
Schultz, who is 62 years old, previously stated that he wanted to retire at that age. In the interview, he also said that he wanted to spend more time with his family -- particularly now that his daughter is about to give birth.
Teva told the financial newspaper that its board has launched a search for a new leader.
Schultz has been in his position since 2017. Hailing from Denmark, he held various positions at Danish pharmaceutical company Novo Nordisk in a nearly 30-year stint before joining Teva.
Now what
Outside of its recent legal problems stemming from its alleged malfeasance contributing to the U.S. opioid crisis, Teva has done rather well under Schultz's stewardship. Judging by the investor reaction to news of his stepping down, shareholders will be sorry to see him go.
The uncertainty that arises whenever a company's leader departs was compounded for Teva this week by other news. Specifically, this was the latest development in its apparent role in the opioid controversy, plus the publication of worse-than-expected third-quarter earnings.
