Eli Hurvitz, the former CEO and chairman of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) died last night from cancer. He was 79. He is survived by his wife, Dalia, and three children.
Hurvitz resigned as Teva's chairman 18 months ago, after serving eight years in the post. Before that, he served as CEO of the company for 35 years, turning it into the world's premier generic drugs company. He was awarded the Israel Prize in 2002 for his contribution to the country.
Teva was founded as a pharmacy in Jerusalem in 1901. The company in its present format was established in 1976 through the merger of three companies - Teva, Assia, and Zori - and Hurvitz was appointed CEO. He expanded the company internationally through mergers and acquisitions, and made it one of the first Israeli companies to list on Nasdaq.
Prime Minister Benjamin Netanyahu eulogized Hurvitz, saying, "Eli Hurvitz was one of the great industrialists that established the State of Israel. He was noble, a complete patriot and very dedicated to developing the Israeli economy and society. I learned much from him; I admired his wisdom and his achievements. I loved his warm personality. Israeli initiatives and the Israeli spirit had no better ambassador. I will miss this wonderful man."
Hurvitz was succeeded as Teva chairman by his deputy, Philip Frost, the founder of Ivax, which Teva acquired in 2005. Israel Makov earlier replaced Hurvitz as CEO. Shlomo Yanai succeeded Makov as president and CEO in 2006.
In a statement to Teva's employees worldwide, Yanai said, "Under Eli's leadership, Teva became Israel's leading company and the largest generic drug company in the world. Eli's vision, combined with his long-term strategic thinking, superb administrative skills, and outstanding personal leadership turned Teva into a unique leading company in its field and an example of Israel at its best.
"Eli led Teva for many years, during which, as a public figure, he was one of the pillars of Israeli industry. Eli made a unique contribution to the progress of Israel's economy and society across a wide range of public roles and activities at the center of the Israeli experience over many years. Eli gained great prestige and appreciation as a symbol who exemplified the realization of the Zionist vision.
"The entire Teva family bows its head and holds the hands of the Hurvitz family, his wife, Dalia, his children, Vered, Dafna, and Chaim, at this difficult time. Eli was a great man who was a source of inspiration for all of us. We will continue his path and strengthen his life's enterprise - Teva."
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2011
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