Teva to lose CFO, with turnaround still under construction

Two years ago, Kåre Schultz took on the gargantuan challenge of fixing a financially troubled, debt-laden Teva with a sparse pipeline. He responded by initiating a sweeping restructuring by cutting thousands of jobs, executing facility closures, trimming board compensation and overhauling the Isreal-based company’s senior executive team. One of his moves was to officially promote Michael McClellan to chief financial officer. Along with its second-quarter results on Wednesday, Teva said McClellan was departing for personal reasons.