Feb 6 Israel-based generic drugmaker Teva
Pharmaceutical Industries Ltd said on Monday that
Chief Executive Erez Vigodman was stepping down effective
immediately and would be replaced on an interim basis by Yitzhak
Peterburg, who has been chairman of Teva's board of directors.
Because Israeli company law calls for separation of the
roles of chairman and CEO, Petersburg will no longer head the
board, which elected former Celgene Corp CEO Sol Barer
to serve as the new chairman of the world's largest seller of
Prior to rejoining Teva's board of directors in 2012,
Peterburg led the company's innovative research and development
efforts as head of global branded products, from October 2010
until October 2011.
The company said it has hired a search firm to help identify
candidates as it looks for a permanent CEO.
Teva has faced numerous recent hurdles, including successful
patent challenges to its most important branded product - the
multiple sclerosis treatment Copaxone, integration of the
Actavis generics business it bought last year for $40.5 billion,
and a U.S. investigation into generic drug price fixing.
Teva last month provided a 2017 revenue and profit forecast
below Wall Street estimates, sending its shares sharply lower at
Vigodman had been CEO since February of 2014.
Teva's U.S.-listed shares fell more than 2 percent in
extended trading after the latest management shakeup was
(Reporting by Bill Berkrot; Editing by Bernard Orr)