Teva CEO Jeremy Levin steps down

Levin is departing after tensions with chairman Phillip Frost. CFO Eyal Desheh has been appointed interim CEO.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) president and CEO Dr. Jeremy Levin has resigned. The board of directors has appointed VP and CFO Eyal Desheh as his interim replacement, effective immediately, and has set up a search committee to seek a permanent successor.

On Sunday evening, Channel 2 News reported that there were severe tensions between Levin and Teva chairman Dr. Phillip Frost and that they could not work together and that Levin had threatened to resign. Teva denied the report.

Frost said, “On behalf of the entire board of directors, I would like to thank Dr. Jeremy Levin for his meaningful contribution to Teva during the last two years. The board and management team are fully committed to the implementation of Teva's strategy, including the development of new compounds, making strategic acquisitions, forming joint ventures and the planned acceleration of the company’s cost reduction programs."

"Since I joined Teva, we have made tremendous progress in setting a new course for the company,” said Levin. "I wish the company and its people, who I respect greatly, every success. I look forward to pursuing new opportunities where I can continue to apply my experience and contribute to the evolution of the global pharmaceutical industry."

"I have full confidence in the ability of Teva's management and employees to achieve our goals and execute the strategy laid out for the company,” said Desheh, who has worked at Teva for over twelve years, including the last five as CFO. “My colleagues in Teva's management and I will continue to drive execution and results in full collaboration with our board of directors, for the benefit of our patients, shareholders, customers and employees."

Trading in Teva's shares was suspended on TASE this morning following the unexpected announcement.

Published by Globes [online], Israel business news - www.globes-online.com - on October 30, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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