At the time of Schultz's hiring, Teva was drowning in about $35 billion of debt thanks to its ill-advised $40.5 billion acquisition of Allergan's (NYSE: AGN ) Actavis generic drug businesses in 2015, a deal so bad that it nearly drove Teva out of business. Teva took a $6.1 billion write-down on the Actavis transaction and announced a three-year restructuring plan, laying off 25% of its workforce, roughly 14,000 people. The company also shuttered operations in 44 countries and overhauled its senior management.