Israel Corp chairman resigns to become Teva vice chairman

Amir Elstein, scion to one of Teva's founding families, has been mentioned as a possible successor to Teva chairman Phillip Frost.

Israel Corporation (TASE: ILCO) chairman Amir Elstein (57) has resigned to become vice chairman of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). Teva announced that vice chairman Prof. Moshe Many, has requested to leave his position on January 1, 2014, for personal reasons, although he will remain a director.

Elstein, from one of Teva's founding families, will serve as vice chairman until Teva's 2014 annual general shareholders meeting. Following the departure of CEO Jeremy Levin, and the managerial shakeup at Teva, some of the company's investors including Benny Landa, have been trying to engineer a change in the board of directors, and Elstein has been mentioned as a possible replacement for current chairman Dr. Phillip Frost.

"I would like to thank Prof. Many for his outstanding service as vice chairman and wish Amir success in continuing Moshe's good work," said Frost.

Elstein served as Israel Corp. chairman for three and a half years, and he will continue to serve as an unpaid consultant to the company. He said that he was resigning in order to devote his time to his new job at Teva.

Israel Corp controlling shareholder Idan Ofer said, "I was sorry to hear that Amir Elstein is resigning from his position as chairman of Israel Corp., but I accept his wish to focus his efforts on a matter that he considers his priority. Amir led Israel Corp. in especially challenging times, and demonstrated leadership and determination in making difficult and sensitive decisions."

Elstein will be succeeded at Israel Corp. by Ron Moskovitz (50), a company director and the CEO of Quantum Pacific UK LLP, a unit of the Ofer family's Quantum Pacific Group and chairman of Pacific Drilling SA (NYSE: PACD; NOTC: PDSA), also controlled by the Ofer family.

Published by Globes [online], Israel business news - - on December 10, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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