Sector News

Changes in executive management in Lundbeck

September 11, 2017
Life sciences

H. Lundbeck A/S (Lundbeck) today announced that Chief Executive Officer (CEO) Kåre Schultz and EVP and Chief Commercial Officer (CCO) Staffan Schüberg have resigned.

Kåre Schultz will join Teva Pharmaceutical Industries Ltd. as President and CEO and will remain in his current position with Lundbeck until further notice.

“I have been extremely happy to be CEO at Lundbeck. Lundbeck is a unique company and this year we are on track to deliver the best financial result for the company ever. The outlook is strong with high profitability and solid cash flow generation many years ahead and I could easily see myself working at Lundbeck for many years. I just got an offer that I couldn’t refuse, being CEO at one of the biggest pharmaceutical companies in the world”, says Kåre Schultz.

“Kåre is leaving Lundbeck at a time, where Lundbeck is strong and healthy, and with a clear strategic direction. The Board is very pleased with the strategic path and the outlook for the company and sees no reason to change the strategic path the company has entered. The Board wish him the very best in his future endeavors”, said Lars Rasmussen, Chairman of Lundbeck.

Coincidentally, Chief Commercial Officer Staffan Schüberg will also leave to take on the role of CEO of a privately-held company. Staffan Schüberg will also remain in his current position with Lundbeck until further notice.

“It is very unfortunate that both Kåre and Staffan will be leaving around the same time. However, they are leaving Lundbeck at a time, where Lundbeck is strong and healthy, and with solid momentum on a clear strategic direction. On behalf of the Board, management and shareholders, I would like to thank Kåre and Staffan for their outstanding contribution, leadership and significant achievements to Lundbeck through the past years. Today, Lundbeck is a strong and vibrant company and we look forward to an exciting and robust future,” said Lars Rasmussen, Chairman of Lundbeck.

The Board will now initiate a search for replacements for both positions.

Source: Lundbeck

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