Pesticides executive rumoured to become Teva CEO
Teva Pharmaceutical Industries, the world’s largest manufacturer of generic drugs, is rumoured to be lining up Erez Vigodman to fill the position of chief executive, according to a report by Reuters.
Mr Vigodman would be moving to the pharmaceutical industry from Makhteshim Agan, a company that specialises in agricultural chemicals.
“Although investors may express some scepticism if Mr. Vigodman is selected due to his lack of experience in the pharma industry, we note his successful record in the execution of turnaround strategies at large publicly traded companies, which is relevant for Teva as the company faces the loss of exclusivity of Copaxone and implementation of an extensive $2 billion cost reduction programme.”
Liav Abraham, analyst, Citi, in client note reported by Reuters.
Teva, whose previous chief executive stepped down at the end of October 2013, and which is to announce its latest financial performance on 6th February, would not give any comment on the report that Mr Vigodman’s appointment would be announced on 13th January at the JP Morgan Healthcare Conference in San Francisco, USA.
Teva to report fourth quarter 2013 financial results on February 6, 2014 (Teva press release).
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