Teva CEO threatens to resign - report

Channel 2 News: Jeremy Levin has threatened to resign because of interference by the board of directors.

Channel 2 News reports that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Jeremy Levin has told aides that unless the board of directors stopped interference in the company's management, he would consider resigning. "This would put the company at risk," states Teva's management in a letter to the board of directors.

In the letter, Teva's management demanded that the board stop interfering in the company's management. The letter was written after Levin's meeting with Histadrut chairman Ofer Eini, in which they discussed Teva's streamlining plan and intention to fire up to 800 employees in Israel. Levin promised Eini that the layoffs in Israel would only be carried in coordination with the Histadrut (General Federation of Labor in Israel).

However, Teva's board of directors is demanding that the layoffs in Israel be carried out in full.

Teva said in response, "These are groundless claims. The company's management is working to formulate and implement a strategy in full cooperation with the board of directors. All decisions taken by management headed by the CEO are reviewed and agreed on by the board. The CEO and chairman meet and hold consultations regularly."

Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2013

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

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