Troubled Teva has been preparing employees for layoffs, but the final plan will reshape the generic drug giant entirely with 14,000 jobs being cut in a scramble to stabilize the company. Every business area and geography will be affected.
Teva Pharmaceutical Industries Ltd. CEO Kare Schultz is making fast, dramatic changes at the generic drug giant as an emergency response to stabilize the company. The announcement Dec. 14 that Teva will cut more than 25% of its workforce, or 14,000 employees, will reshape the company entirely.
Sweeping layoffs were anticipated as the company continuously failed to meet sales and earnings targets and now faces the mounting...
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