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CEO Levin exits Teva
October 30th, 2013
NEW YORK – Jeremy Levin has resigned as chief executive officer at Teva Pharmaceutical Industries Ltd. and has been replaced on an interim basis by finance chief Eyal Desheh.
The shake-up at the world’s largest manufacturer of generic drugs came despite the fact that Teva and Levin had previously denied an Israeli media report that Levin was considering resigning due to a rift with the company’s board of directors over Teva’s strategy.
Levin assumed the leadership at Teva, which is based in Jerisalem, in May 2012, promising to reshape the company by developing its own medicines amid increasing competition in the generics market.
Earlier this month Teva said it would cut 5,000 jobs (about 10% of its workforce) in a move seen as an acceleration of its cost-reduction strategy as it prepares for lower-price competition to its best-selling multiple sclerosis drug Copaxone.
"We have had different views on the best way to carry out the strategy," chairman Phillip Frost said during a conference call.
Levin joined Teva from Bristol-Myers Squibb, where he was vice president for strategy, alliances and transactions. At Bristol-Myers, Levin implemented a strategy of alliances, partnerships and acquisitions with small and large companies.
Teva’s board has formed a committee to search for a permanent successor for Levin. Frost said he believes the new CEO must be willing to be mostly in Israel and that experience in the drug industry would be helpful.