Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today announced that the board of directors has elected Professor Yitzhak Peterburg as chairman, effective January 1, 2015. Prof. Peterburg, a member of the board since 2012 and from 2009-2010, will succeed Dr. Phillip Frost, who previously announced plans to step down as chairman by the end of the year.
Dr. Frost has also informed the board that he will not stand for reelection as a director at the upcoming annual general meeting.
The board also appointed Dr. Sol J. Barer as a director, also effective January 1, 2015. The board said that it remains committed to its previous statements regarding the size and composition of the board.
“After an extensive international search, the board determined that Yitzhak is best placed to provide the leadership and vision we need to strengthen Teva’s position as a global player in the pharmaceutical industry,” said Dr. Frost. “His vast experience and deep understanding of Teva and its potential, as well as his extensive experience in running large healthcare systems, make Yitzhak an excellent choice to succeed me as chairman at this juncture in the company’s transformation for the future.”
“The Board is deeply grateful to Dr. Frost for his contributions, insight and commitment to Teva during this period of growth and opportunity for the company,” said Prof. Peterburg. “I am honored to assume the role of chairman, and look forward to working closely with the Board, including president and CEO, Erez Vigodman, and the entire management team, to continue to drive value for Teva’s shareholders while increasing access to high-quality healthcare around the world.”
Prof. Yitzhak Peterburg rejoined Teva’s board of directors in 2012. He was Teva’s Senior VP - Global Branded Products, in charge of innovative drugs, R&D and pipeline asset management from 2010-2011, after serving on Teva’s board of directors from 2009-2010. He previously served as president and CEO of mobile carrier Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) 2003-2005. From 1997-2002, he served as CEO of Clalit Health Services, Israel's largest health fund.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2014
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