Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is restructuring its geographical divisions and abolishing Teva International Group (TIG), which is currently headed by Haim Hurvitz, the son of former chairman Eli Hurvitz.
Until now, Teva divided the world into two: the US, and the rest of the world. Teva has now reorganized North and South America as a single division, and Teva North America president and CEO William Marth will also be responsible for Latin America. The Teva Latin America headquarters will be based in Miami, and answer to Marth in New York.
Teva is also setting up a separate Asia and Japan divisions, which until now were combined with Russia, Eastern Europe, Turkey, and Israel. Teva Russia will now be headed by Allan Oberman, and will include Eastern Europe, Turkey, and Israel. Western Europe will remain as a separate division.
In response to a question by "Globes" about Teva's business in Turkey in the aftermath of the Gaza flotilla incident, Teva spokesman Yossi Koren said, "It's business as usual in Turkey. I received one e-mail from a sick man who that he won't take our drugs any more; I wished him well. It's not easy being Israeli there, but there's no material change or impact on our revenue."
"Globes": Will Haim Hurvitz leave Teva altogether?
Koren: "No. Right now he's working with CEO Shlomo Yanai on joint strategic tasks, and he will eventually be promoted to another job, which will be clarified in about a month."
Teva's share closed at $52.72 on Nasdaq on Friday, and the share price fell 0.2% by early afternoon on the TASE today to NIS 207.90.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2010
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