Erez Vigodman appointed Teva CEO

"Globes" was the first to report that the Makhteshim Agan CEO would replace Jeremy Levin who was fired last October.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today announced that Erez Vigodman has been appointed president and CEO. "Globes" was the first to report that Vigodman, 54, currently CEO Makhteshim Agan Industries Ltd. would replace Dr. Jeremy Levin who was fired last October following deep difference of opinion with the board of directors over the company's strategy.

Since then Eyal Desheh has been acting CEO and Vigodman will now assume his new position from February 11. Teva announced that Desheh will return to his previous post as EVP and CFO.

Teva chairman Dr. Phillip Frost said, “As a member of the Teva board since 2009, Erez has a deep understanding of the company and the industry in which it operates, putting him in a strong position to hit the ground running and deliver value for shareholders."

Teva said that Vigodman will step down as Makhteshim CEO on February 6.

Vigodman said, “I understand the challenges facing Teva and I am confident that, together with the management team, we can address these challenges and deliver on our commitment to creating value for our shareholders by expanding Teva's businesses and delivering long-term growth.”

Teva's new vice chairman Amir Elstein who led the special committee leading the CEO search, said, “Erez is the right person to lead Teva. We evaluated a comprehensive list of internal and external candidates as part of our rigorous search and Board process, engaging the international search firm Egon Zehnder. Erez stood out due to his impressive track record in transforming global and complex corporations and delivering breakthrough results. He is a change agent with an impressive strategic mindset and a proven ability to execute restructuring programs, build organizational momentum, expand successfully in emerging markets, and work with the capital markets."

Published by Globes [online], Israel business news - - on January 9, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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