A few hours after Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) president and CEO Shlomo Yanai announced his resignation, the company's top management convened a press conference at the Tel Aviv Hilton. Teva chairman Philip Frost is there with Yanai and his successor, Dr. Jeremy Levin. Levin declared that Teva was, and would remain, an Israeli company.
"My decision to resign is due to my wish to open a new chapter in my life at 60. This is the right time after ten years in business at Makhteshim Agan Industries Ltd. and Teva," said Yanai. "I made the decision after deep thought and in consultation with my family and Philip Frost. I have headed the company for five years, no small period in terms of a giant company like Teva.
"I came to the conclusion that I wanted to take on new challenges, and I feel that this is the time to embark on a new road. I want to use my experience for the good of the Israeli economy and society. Over the past five years, a strong strategic infrastructure has been built at Teva, which promises that it will meet its long-term targets and financial performance."
Yanai thanked former Teva chairman, the late Eli Hurvitz. He added, "Teva is succeeding as the result of long-term planning and the commitment of its 47,000 employees. They are worthy of appreciation. I am sure that Jeremy Levin is the right man for Teva, and I want to wish him success."
Levin surprised the audience by speaking in fluent Hebrew. "Teva has a long history of success. It has been run by outstanding leaders, who built one of the world's great companies. I have been appointed to follow in their path," he said.
Levin made it clear that Teva would remain an Israeli company. "I want to thank Shlomo Yanai, and I will work closely with him over the next five months. Teva is a unique company. It is Israeli, and it will remain such."
Levin was not sparing in his praise of Teva, saying, "We will continue to grow and build this special company. Teva's human capital will lead us into the future. You have my promise of cooperation, and I believe that we will succeed. My Hebrew will improve, but I tell you - I won't be sold in Hebrew. I am excited about coming to live in Israel; I feel that I have come back home."
"Shlomo Yanai decided to leave and Levin will replace him in May," said Frost at the start of the press conference. "Jeremy is a highly regarded manager, but we are sad that Shlomo is leaving us, after doing great work at Teva with leadership that is recognized both within the organization and outside of it. Under Shlomo's leadership, Teva has expanded and achieved growth in all financial parameters. I know that Shlomo is considering other opportunities. If he chooses public service - the Israeli people will benefit."
Commenting on Teva's Israeli identity, Frost said, "I know that Jeremy understands that Teva is a global company, but its headquarters will stay in Israel."
During the questions and answers session, Yanai was asked which political party he would join. He replied, "I am embarking on an intensive six-month handover at Teva. After that, I will decide."
Published by Globes [online], Israel business news - www.globes-online.com - on January 2, 2012
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