NEW YORK (TheStreet) -- Teva Pharmaceuticals (TEVA) rose Monday after the company unveiled its new organizational structure that trims the size of the executive committee and creates two commercial business units.
The company plans to combine its generic operations into group called Global Generic Medicines. Sigurdur Olafsson, who previously served as president of Actavis PLC, will serve as president and chief executive of the unit. The other group will be Global Specialty Medicines, formed in April 2013. The organizational restructuring also cuts the size of Teva's executive committee from 15 members to 9.
The changes become effective July 1 and the company intends them to provide "seamless global integration, focus and effectiveness across the company," according to Teva's press release.
The stock was up 2.61% to $51.81 at 12:08 p.m.