Why Teva Pharmaceutical Industries Ltd. (ADR) Is Soaring

Why Teva Pharmaceutical Industries Ltd. (ADR) Is Soaring

After announcing that it has officially filled its vacant CEO seat, Teva Pharmaceutical Industries (NYSE: TEVA), a pharma company primarily focused on generic drugs, jumped 18% as of 1:45 p.m. EDT on Monday.

Teva announced today that it has hired Kare Schultz as its new president and CEO. Schultz is an industry veteran with more than 30 years of experience who has held leading positions at pharma companies like Lundbeck and Novo Nordisk.

He will be taking over from Teva's current interim CEO, Dr. Yitzhak Peterburg, once his family officially relocates to Israel. Dr. Peterburg has held the top post since February, when Teva's former CEO, Erez Vigodman, left the company abruptly for undisclosed reasons.

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Source: Fool.com