CEO of Teva’s Generics Medicines Group steps down
Sigurdur Olafsson will step down in the first quarter of 2017 as president and CEO of Teva’s Global Generic Medicines Group. He will be replaced by Dipankar Bhattacharjee who is currently the president and CEO of Teva Generics Europe and has been with Teva since 2009.
Mr. Olafsson’s decision to retire from his position comes only four months after the acquisition of Actavis generics, in a $40 billion deal. Mr. Olafsson led this acquisition, after being president of Actavis himself before leaving to join Teva. Teva has seen its share price drop 44% in 2016 in spite of this acquisition with some suggesting that Teva may have overpaid for the acquisition.
“I am proud of the incredible progress we have made since I joined Teva to lead the newly formed Global Generic Medicines Group,” said Mr. Olafsson. “I firmly believe that Teva is the best positioned generics company in the industry in terms of market presence, manufacturing capabilities and R&D pipeline. I am grateful for the support from the talented team at Teva and am fully committed to ensuring a smooth transition into 2017.”
Dipankar Bhattacharjee will enter the vacated role coming from seven years of working with the Teva’s European generics business, culminating in his current role as CEO and president. Prior to this, he had worked for 15 years at Bausch & Lomb.
“Dipankar has been an integral part of Teva’s management team since he joined the Company in 2009, and we are fortunate to have someone with his experience to lead our generics business at this important time,” said Erez Vigodman, Teva’s president and CEO. “Teva will benefit from Dipankar’s extensive experience in generics and specialty medicines, his financial and operational expertise and his deep understanding and appreciation for Teva’s culture of innovation and our outstanding people. As we continue to focus on integrating and realizing the value of the Actavis Generics transaction, which is progressing according to plan, Dipankar and his team will focus on generating organic growth through new launches and replenishing the pipeline through our industry-leading R&D, and drive efficiencies across the generics organization. I have been incredibly impressed by Dipankar’s work in Europe, and I am confident that his capabilities, proven track record and experience make him the right person for this global leadership role.”
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