Dan Propper has resigned over Teva's entry into the Israeli baby formula market.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) director Dan Propper, the chairman of Osem Investments Ltd. (TASE: OSEM), resigned his Teva role as of February 6.
In his letter of resignation, Propper said that, in his view, Teva's planned entrance into the baby formula market in Israel creates a conflict of interest because Osem manufactures baby food products.
Teva's share price fell a further 0.9% on Nasdaq yesterday to $51.54, and fell a 0.8% in morning trading on the TASE today to NIS 189.
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011